Tencent-backed Meituan close to US$3bil funding

HONG KONG: Meituan Dianping, China’s largest group-buying and restaurant reviews service, is said to be close to finalising a deal to raise at least US$3bil from investors including Capital Group, according to people familiar with the matter.

The company backed by WeChat-operator Tencent Holdings Ltd is said to be targeting at least US$3bil at a US$28bil valuation, the people said, asking not to be named talking about a private deal. That would make it the world’s fifth-most valuable startup, surpassing SpaceX and WeWork Cos. It’s now hammering out the final details with investors including US financial powerhouse Capital Group and a deal could be sealed within days, one of the people said.