Meituan, the Chinese online services superstore offering everything from hailing a taxi to booking a restaurant, is looking to raise $6 billion when it lists in Hong Kong, and will file paperwork with regulators as soon as this month, according to Bloomberg.
Meituan, backed by Tencent, needs cash as its expands its services into markets where it faces well-capitalized rivals. Alibaba is ramping up its own food delivery services, while Didi Chuxing is fighting back on ride hailing.
But listing first could give Meituan a leg up on Didi, which is also said to be considering an IPO, by soaking up some of the investor cash that could have been allocated to a Didi listing.
Still, Didi has other tools, including raising debt.