MEITUAN RAISES $4.2 BN IN HONG KONG IPO

Tencent-backed Meituan Dianping, a Chinese e-commerce and delivery app, raised $4.2 billion in a Hong Kong IPO, after pricing the newly issued shares near the top of its offering range, CNN says. It is the world’s biggest Internet-focussed IPO in four years. The IPO price of $8.79 a share values Meituan at about $53 billion, which is lower than the $60 billion it was seeking, but a big rise from its earlier $30 billion valuation.