Meituan-Dianping wins approval for HK float

Meituan-Dianping, an online food delivery and booking platform, is said to have won approval from the Hong Kong stock exchange for its planned IPO, in what would be the second listing under the city's new dual-class share system.

The company filed for the listing in June, following smartphone maker Xiaomi's blockbuster IPO of $4.7 billion, the first Hong Kong-listed company with a dual-class structure. The weighted voting rights structure is designed to make Hong Kong a magnet for tech companies.

Beijing-based Meituan-Dianping reportedly passed its listing hearing on Thursday, drawing closer to becoming the city's second multibillion-dollar tech float this year. Insiders forecast its IPO could raise more than $4 billion and fetch a valuation of $45 billion to $55 billion.