Meituan Dianping debuts on Hong Kong stock exchange

Chinese service giant Meituan Dianping debuted on the Hong Kong Stock Exchange Thursday, the second company with dual-class shareholding structures listed in Hong Kong after Xiaomi.

Chinese service giant Meituan Dianping debuted on the Hong Kong Stock Exchange Thursday. [Photo: IC]

The company priced its shares at 69 Hong Kong dollars (8.85 U.S. dollars). It aimed to raise 4.9 billion U.S. dollars in the listing and bring its value to 53.4 billion U.S. dollars.

The Hong Kong Exchanges and Clearing Limited in April announced new rules to allow companies with dual-class shareholding structures and biotech firms with no revenue to apply for listing to attract innovative firms.

Meituan was founded in 2010 to provide group-buying services, and five years later it merged with Dianping which allows users to provide reviews of restaurants and other services.

Shares of Meituan Dianping rose nearly 6 percent to 72.85 Hong Kong dollars at the end of the morning trade, while the Hang Seng Index went down 0.02 percent.