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Meituan raises $10 bln for self-driving cars, drone delivery

Added 04-21-21 03:03:02am EST - “Chinese food delivery giant Meituan raised nearly $10 billion in a sale of convertible bonds and additional shares and plans to invest those funds in developing and expanding delivery technologies.” - Washingtontimes.com

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Posted By TheNewsCommenter: From Washingtontimes.com: “Meituan raises $10 bln for self-driving cars, drone delivery”. Below is an excerpt from the article.

HONG KONG (AP) - Chinese food delivery giant Meituan raised nearly $10 billion in a sale of convertible bonds and additional shares and plans to invest those funds in developing and expanding delivery technologies.

The Beijing-based firm, China’s largest food delivery platform, said in a filing to the Hong Kong stock exchange that it sold 187 million additional shares in a top-up placement at 273.80 Hong Kong dollars each, raising about $6.6 billion.

The company also raised nearly $3 billion in two tranches of convertible bonds, and an additional $400 million by selling more shares to Tencent Holdings, its largest shareholder, it said.

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Over the past year Meituan has invested aggressively in grocery retail and community group-buying as it competes with rivals like Alibaba and Pinduoduo in these hotly-contested sectors.

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