Yesterday morning, Wang Xing, CEO of Meituan Dianping led the management team, as well as representatives from delivery riders and app users in the bell ringing ceremony as an official mark of the company's successful listing on the Hong Kong Stock Exchange. The stock is named "Meituan Dianping", with the ticker 03690.HK. The stock was priced at 69 Hong Kong Dollars per share, and opened its trading at 72.9 Hong Kong Dollars per share, an 5.6% increase from offering price. The company issued 480 million shares. To date, Meituan Diaping is the largest internet company to list on the Hong Kong Stock Exchange in the last ten years.
In Wang Xing's speech, he thanked the 340 million users of Meituan Dianping, choosing to live the life they wanted; he thanked 4.7 million business owners all over the nation; thanked all the delivery drivers, now numbering close to 600 thousand; thanked the company's 50,000 current employees as well as past employees; thanked investors past, current, and future; and thanked Steve Jobs, without the smartphone or the internet, there would not be Meituan Dianping. As written in the offering prospectus, the company's mission is to help everyone to "Eat better, Live better!"
This vision appears modest, yet touches upon every person's daily life. Meituan Dianping has worked tirelessly towards its goal, and through their hard work, has now achieved the enviable position of an internet giant, a leader food delivery, and encompasses travel, hotel and car bookings. Ascendent Capital is proud to have been an investor and partner alongside the company, working closely with them on strategic decisions and witness their milestone events.
The relationship between Ascendent Capital and Meituan Dianping started with ACP's Founder Meng Liang and co-founder of Dianping Zhang Tao. They have known each other for over three decades, starting from a friendship formed classmates in the same dormitory, and built during carefree days of high school. In 2015, Ascendent's first fund completed its investment into Dianping. Since then, we have provided the company with strategic advice, and witnessed the historic merger of Meituan and Dianping. At the end of 2017, Meituan Dianping initiated a new round of fundraising.
The Ascendent team have worked closely with Wang Xing and the Meituan Dianping team in subsequent years. Having completed in-depth analysis on the food delivery and enterprise markets, Ascendent Capital completed its second round of investment into the combined company. Ascendent Capital Partners' Founder Meng Liang states, "This public listing is an important milestone for Meituan Dianping. We are very confident on the company's sustainable competitive advantage and long-term potential. In the future, ACP will continue to be a trusted advisor and partner , provide solutions and strategic guidance, and support the company in realizing long-term value generation."
About Ascendent Capital Partners
Ascendent Capital Partners is a private equity investment management firm focused on Greater China-related investment opportunities, managing over USD 2 billion in assets for global institutional investors including sovereign wealth funds, endowments, pensions and foundations.
ACP has successfully led and executed a large number of innovative and ground breaking private equity investments in China, generating strong risk-adjusted returns for investors and value growth for our portfolio companies. ACP has established a consistent track record in providing advice and solution capital to entrepreneurs and business owners in the region, building long-lasting relationships through in-depth collaboration. For addition information about ACP, please visit ACP’s website at www.ascendentcp.com.
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