Meituan Dianping files for HK IPO, applies for over 25 autonomous driving patents

Shanghai (Gasgoo)- China's Meituan Dianping, an online food delivery service platform, filed its initial public offering (IPO) to HKEX, with Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch as its joint co-sponsors and China Renaissance as its financial advisor, according to local media.

After deducting commissions, the company plans to employ the capital its raises in four major businesses, 35% for  improving the company's technologies and R&D capability,35% for developing new services and products, 20% for optional acquisition or investment in assets and businesses that are in line with Meituan Dianping's strategy, the remaining 10% for company's operation or other general purposes.

In its draft prospectus, which gave investors the first detailed look at its financial health ahead of the IPO, the company saw its annual revenue jumping 223.2% year on year from RMB 4 billion in 2015 to RMB 13 billion in 2016. Revenue rose to RMB 33.9 billion in fiscal 2017, sharply higher than that of the previous year. Meanwhile, its adjusted net loss was around RMB 2.9 billion in fiscal 2017, smaller than losses of RMB 5.4 billion in 2016 and RMB 5.9 billion in 2015, the prospectus showed.

The company revealed that it uses AI and deep learning technologies to provide services for users. Besides, the food-delivery service provider has developed real-time intelligent dispatching system and driverless vehicles for goods delivery. By the latest practicable date, Meituan Dianping has applied for over 25 patents that pertain to autonomous vehicle technologies. Going forward, the company expects to further invest in driverless delivery field and conduct driverless distribution under specific conditions, and eventually accomplish its scale application.