Meituan Dianping, the Chinese food delivery giant, has filed for an initial public offering (IPO) in Hong Kong in a bid to help bolster its growth.
Meituan Dianping is targeting a valuation of more than $60 bn, according to media reports. It was valued at $30bn last year.
The company said it recorded revenues of RMB 34bn ($5.2bn) in 2017, however, it made a net loss of RMB19bn ($2.9bn) with its adjusted loss of RMB 2.8bn.
The Tencent-backed business, which claims to be the world’s largest e-commerce platform for local services, is often described as a combination of Deliveroo, Yelp and Groupon.
It boasts a 59% share of the food delivery market, according to iResearch data, and competes with Alibaba’s Ele.me.
Meituan is the latest in a string of Chinese technology giants to file for IPOs following companies such as Xiaomi, iQiyi, and rumoured IPO plans by Tencent Music and Entertainment.