Mosquitos of the future may vaccinate against malaria, instead of spread it IT in a box: the ClearBOX New packaging concept helps lazy shoppers find fresh produce The NanoNote $99 open hardware computer thingie Review: BugMe for iPhone Man and machine: chips successfully placed in living cells Today in history: the flight data recorder PogoPlug update adds new sharing and backup features The Lab vs. The Real World: product testing is hard Hands-on with the Entourage eDGe dualbook You get what you pay for, with SSDs and just about everything else App review: MailTones Linux.com store adds more clothing options for your geek lifestyle Gunnar Optiks joining forces with Carl Zeiss to make new lenses Tim Berners-Lee advocates for open data PANIC! Study finds that students are addicted to their iPhones!! Magnetic quantum dots Change.org Raises $25 Million From An All-Star List Of Investors Ev Williams'' Obvious Ventures Is A Fund For Investing In ''World-Positive'' Startups Early Uber Investors Shervin Pishevar And Scott Stanford Raising $250M For SherpaEverest Fund Say Media Buys Out Investors As It Exits The Media Business And Focuses On Its Publishing Platform Formation 8 Closes Its $500 Million Second Fund Nominations For The 8th Annual Crunchies End Soon - Get Yours In Today! Stripe Raises Another $70 Million, Doubling Its Valuation To $3.5 Billion Zenefits Faces Shutdown In Utah For Giving Its Cloud-Based HR Software Away For Free Lyft Sheds Some Of Its Quirks As It Seeks New Users Lyft Appeals To More Casual Drivers By Matching Them With Passengers To Share Commutes Lumoid Launches A Peer-To-Peer Marketplace For Short-Term Gadget Rentals Flipboard Adds The Wall Street Journal To Its News Discovery Apps With $13M In Funding, Everything But The House Wants To Change The Way Estate Sales Are Run Eight Months After Merger, Elance-oDesk Raises Another $30 Million Led By Benchmark Fluc Raises $2.3 Million To Improve The Logistics Of Food Delivery In More Markets Fitmob Gets More Funding As It Partners With Gyms And Looks To New Markets Assembly Raises $2.9M From USV For Its Community-Led Software Development Platform This Week Some Japanese Startups Battled It Out At TechCrunch Tokyo UberCab Closes Uber Angel Round Gravity Regroups For Round Two: The Personalization War Facebook''s Notice To Shareholders On Stock Split And Transfer Fees Conduct Unbecoming A Public Company Board Of Directors Kleiner Perkins Harvests Over $100 Million From Ngmoco Acquisition Facebook Continues To Dominate SecondMarket Transactions: The Q3 Report "Done Deal" - DeNA To Announce Ngmoco Acquisition Very Soon (Confirmed) Being Eric Schmidt (On Facebook) Why? Because They Can! Conspiracies, Privacy, Spam And NAMBLA: Facebook Groups Are Fun! Japan''s DeNA Mulling $400+ Million Acquisition of ngmoco One Kings Lane Hires 10 Year eBay Veteran Greg Fant To Head Marketing The $4 Million Line Pulse Takes An Angel Round, But Where Are The Angels? Hipmunk Closes Hyper-Competitive Angel Round, Sans The Usual Suspects
漂流瓶终于彻底拜拜 微信7.0.4新版体验
微信漂流瓶被玩坏了 聊聊漂流瓶里那些事
微信关闭漂流瓶 它曾经满足了我们对世界的好奇
微信暂停漂流瓶功能:对色情内容零容忍
[视频]惠普Chromebook x360 14 G1评测:搭载Chrome OS的商务变形本
特斯拉:北京客户可三年免息融资购车并免费租赁车牌
借贷宝:停止催收百名裸条女大学生 未满23岁将不得借贷
京东白条多地频现盗刷 消费者遭催收公司“逼债”
借款野蛮催收行为将被规范 真是几家欢喜几家愁
为规范网贷催收 上海互金协会发行业倡议书
腾讯解释为什么微信没有夜间模式 真相你相信吗?
一张发行8年的微信唱片:只收录了4首歌曲


漂流瓶终于彻底拜拜 微信7.0.4新版体验
微信漂流瓶被玩坏了 聊聊漂流瓶里那些事
微信关闭漂流瓶 它曾经满足了我们对世界的好奇
微信暂停漂流瓶功能:对色情内容零容忍
[视频]惠普Chromebook x360 14 G1评测:搭载Chrome OS的商务变形本
特斯拉:北京客户可三年免息融资购车并免费租赁车牌
借贷宝:停止催收百名裸条女大学生 未满23岁将不得借贷
京东白条多地频现盗刷 消费者遭催收公司“逼债”
借款野蛮催收行为将被规范 真是几家欢喜几家愁
为规范网贷催收 上海互金协会发行业倡议书
腾讯解释为什么微信没有夜间模式 真相你相信吗?
一张发行8年的微信唱片:只收录了4首歌曲


Meituan reportedly targets $55B valuation for Hong Kong IPO, leading to concerns that may be too high
据报道,Meituan对香港IPO的估值为55亿美元,导致担忧可能过高。

当前位置: 艾金森 > 门户 > 新闻

点击量 8
编辑: 1   作者: Techcrunch   时间: 2018/10/30 16:49:13  

Meituan-Dianping is reportedly aiming for a $55 billion valuation in its upcoming initial public offering in Hong Kong, but the company's net losses and increasing competition from Alibaba are already raising questions about whether that is too ambitious, despite the company's market leadership in China. Meituan-Dianping, which bills itself as a "one-stop super app" that offers everything from food delivery to travel bookings, has set an IPO price range of HK$60 to HK$72 (about $7.64 to $9.17), with a valuation of $46 billion to $55 billion, according to Reuters.

That is still less, however, than the valuation of about $60 million it targeted earlier, according to a June 25 report from the Wall Street Journal. Meituan-Dianping runs the leading online marketplace for services in China by gross transaction volume and also acquired bike-sharing startup Mobike earlier this year.

Meituan-Dianping was said to be valued at as much as $30 billion when it raised a $4 billion Series C round led by Tencent in October 2017.

But the company’s tight margins and losses, much of which were incurred on marketing and user acquisition, are raising concerns about Meituan-Dianping’s valuation, especially after Xiaomi’s underwhelming debut on the Hong Kong Stock Exchange in July. Despite reports that it sought a valuation of $100 billion, Xiaomi ended up with a $54 billion valuation after raising $4.7 billion.

A document filed today with the Hong Kong Stock Exchange didn’t provide more information about IPO pricing or valuation, but it did give some insights into the company’s financials. It said that Meituan-Dianping’s total revenues increased by 161.2% to RMB 33.9 billion in 2017, and by an additional 94.9% from RMB 8.1 billion in the four months ending in April 30, 2017 to RMB 15.8 billion in the same period of 2018.

In 2017, the platform generated over 5.8 billion transactions, totalling RMB 357 billion in gross transaction volume. It served 310 million transacting users and 4.4 million active merchants, with each transacting user making an average of 20.3 transactions in the 12 months ending April 30, 2018.

Meituan-Dianping recorded a gross margin of 9.3% for food delivery in the four months ending on April 30, 2018, while its second-largest business segment, in-store, hotel and travel services, recorded gross margin of 88% in the same period. Overall, the company had gross margin of 25.5% in that time frame.

In the same periods, however, it also recorded high net losses. In 2017, the company said it recorded net losses of RMB 19 billion, as well as net losses of RMB 8.2 billion and RMB 22.8 billion for the four months ending on April 30 2017 and 2018, respectively. Meituan-Dianping said the losses were due in changes to the fair value of its preferred shares, user acquisition expenses, including incentives to attract users and delivery riders, and new product launches.

The pressure of acquiring new users and marketing expenses probably won’t ease up anytime soon, as Meituan-Dianping faces down rivalry from Alibaba. The e-commerce giant used to be an investor in Meituan-Dianping, but offloaded its shares to focus on building its own online-to-offline services, including a combination of Ele.me and Koubei which recently raised $3 billion from investors including SoftBank.

TechCrunch has contacted Meituan-Dianping for comment.