Tencent-backed Meituan starts taking orders for $4.4 bn IPO

Tencent-backed Chinese startup Meituan-Dianping has started taking orders for a Hong Kong initial public offering (IPO) that could raise as much as $4.4 billion. Meituan-Dianping is reportedly aiming for a $55 billion valuation despite admitting that there was no guarantee it would ever become profitable. Further, Goldman Sachs, Morgan Stanley and Bank of America are joint sponsors for its IPO.