China’s Meituan-Dianping aims to raise up to $5 billion from Tencent, others: source

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HONG KONG (Reuters) – Chinese internet firm Meituan-Dianping, backed by Tencent Holdings Group Ltd (0700.HK), is in talks with prospective investors to raise $3 billion to $5 billion, said one person with direct knowledge of the matter.

The financing round, for which Meituan is in talks with several global institutional investors, would likely value the start-up at about $25 billion to $30 billion, the person said.

About $1 billion of the new funds would come from an additional investment from Tencent, the person said.

The person declined to be identified as the talks were not public.

Meituan-Dianping and Tencent did not immediately respond to Reuters requests for comment.

Reporting by Julie Zhu; Addintional reporting by Elzio Barreto and Sijia Jiang; Editing by Christopher Cushing