Meituan confirms plans to raise funds in HK

Group buying and dining behemoth Meituan-Dianping confirmed on Monday that it would raise an undisclosed sum of funds through an initial public offering in Hong Kong to finance its future expansion plans.

Though the company did not reveal the exact size of its planned float, Bloomberg reports indicated that it would raise over $6 billion and target a valuation of roughly $60 billion, a price tag that rivals Xiaomi's goal of as much as $6.1 billion in what would be the world's largest IPO in two years.

The move also makes it the latest Chinese mainland "unicorn" - startups with a valuation in excess of $1 billion - to go public in Hong Kong this year. Xiaomi is looking to raise funds through its Hong Kong float on July 9, but has put off plans for a China Depository Receipts issue on the mainland.