Meituan, one of China’s largest internet companies, plans to raise about $10bn in an equity and debt deal delayed by a misfire that sent its shares tumbling last week.
The food delivery giant, which is backed by technology group Tencent, will raise about $7bn in equity and sell $3bn in convertible bonds.
The company will use the funds to develop autonomous delivery vehicles as it expands into areas such as groceries and ride-hailing, reflecting rapid consumer spending growth in China following a strong recovery from the coronavirus pandemic.
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