(Yicai Global) April 20 -- Meituan has raised nearly USD10 billion in a share placement and convertible bond sale that the Chinese delivery giant plans to invest in unmanned vehicles and drones.

Meituan sold 198 million new shares, or 3.3 percent of its total after the issuance, the Beijing-based firm said today. Existing shareholder Tencent Holdings paid USD400 million for 11.35 million shares priced at HKD273.8 (USD35.20) each. Meituan also sold convertible bonds worth USD3 billion with maturities in 2027 and 2028.

Cutting-edge technology is a priority for Meituan, Chief Executive Wang Xing said on an earnings call following the release of its financial report on March 26. Its driverless vehicles in Beijing’s Shunyi district have delivered over 15,000 orders during the pandemic, and Wang personally tested delivery drones in the southern city of Shenzhen, he said.

Shares in Meituan [HKG:3690] rose 1.5 percent to end the day at HKD293.60 (USD37.82).

Editor: Tom Litting