(Yicai Global) June 13 -- The firm behind Meituan-Dianping, China’s largest on-demand services provider, is reportedly planning to file for a USD6 billion initial public offering in Hong Kong before the end of the month as the offshore bourse opens up to modern shareholding structures.
China Internet Plus Group plans to float about 10 percent of its stock, Hong Kong Economic Times reported today. Speculation has been rife this year that the company would list in Hong Kong, and possibly float Chinese Depositary Receipts as the mainland market opens its arms to more companies.
Other reports claim that Meituan founder Wang Xing met with Hong Kong investment banks at the end of May to negotiate the listing.
The Hong Kong Stock Exchange gave the go-ahead for companies running dual-class share structures to list there in April, sparking interest from a number of Chinese tech firms, including electronics titan Xiaomi, which is set to become the first company to exploit the new rules after filing in May for its IPO.
China’s mainland exchanges have also looked to open up and embrace a broader range of firms, with a particular eye for overseas-listed tech giants, like Alibaba, Baidu and JD.Com. The new CDR scheme allows companies to skirt onshore rules on dual-class shares and minimum profit requirements.
Editor: James Boynton