Physix Frontier
Meituan
Funding History
- Post-IPO Large-Scale RefinancingUSD 10B — One of the largest refinancings in HK stock market history. Tencent participated as an existing shareholder; the subscription completed on Jul 13, 2021. Meituan allotted and issued 11.35M shares to Tencent, with net proceeds of approx. USD 400M.
- IPOUndisclosed — Issue Price: HKD 69.00; Listing Market Cap: Approx. HKD 400B level at listing; Shares Issued: Undisclosed (Net fundraising plan HKD 32.6B); Lock-up Period: Standard 180-day lock-up period. Source: Prospectus/Exchange Disclosure
- Pre-IPOUSD 1.5B — Amount: USD 1.5B; $1,500,000,000; Led by Oppenheimer / Tencent Industrial Win-Win Fund | Completing Pre-IPO financing at high stock prices is considered Meituan's most highly rated capital management move—locking in funds at peak valuation to reserve ammunition for the subsequent subsidy war. | Source: Xueqiu / YiOu Data
- Strategic investmentUSD 4B — Amount: USD 4B; $4,000,000,000; Post-money valuation: approx. USD 30B; Led by Tencent | The addition of Priceline (predecessor to Booking Holdings) is particularly noteworthy—a global OTA giant investing in Meituan before its IPO served as direct endorsement of its hotel and travel business. Post-round valuation was approx. USD 30B. | Source: YiOu Data
- Series E RoundUSD 3.3B — Amount: USD 3.3B; Tencent participated. One of the largest private rounds in Chinese internet history. Investors included USD funds (Sequoia China, Hillhouse Capital, DST), sovereign and pension funds (Temasek, OTPP, CDB Capital), Chinese institutions (CICC, Trustar), and strategics (Tencent). In July 2016, CR Venture Strategic Investment Fund made a strategic stake; in September 2016, acquired Qiandaibao for a payment license. Source: EqualOcean Data / Baidu Baike
- Series D RoundUSD 700M — Amount: $700M; $700,000,000; Post-money valuation: $7B; Led by: — | Closed Series D of $700M in Jan 2015 at a $7B valuation. Subsequently, Meituan merged with Dianping in Oct 2015, resulting in a new company valued at over $15B with a Co-CEO structure (Wang Xing and Zhang Tao). After the merger, Alibaba confirmed its exit from Meituan in Nov 2015, and Tencent followed up with a $1B investment—marking the decisive moment when Meituan shifted from the 'Alibaba camp' to the 'Tencent camp.' | Source: Baidu Baike / Yiuo Data
- Series C RoundUSD 300M — Amount: USD 300M; USD 300,000,000; Post-money valuation: Approx. USD 3B; Led by: General Atlantic. Following this round, Meituan's valuation was approx. USD 3B. Full-year 2014 GMV exceeded RMB 46B (up >180% from 2013), with market share surpassing 60% (53% in 2013). That year, Meituan launched travel ticket booking services, transitioning from a single groupon platform to a local life services platform. Source: Baidu Baike / EqualOcean Data
- Series B RoundUSD 50M — Amount: USD 50M; $50,000,000; Led by Alibaba. This USD 50M was a key pillar for Meituan surviving the 'Group Buying War.' 2011 was the most brutal year for the group-buying industry, with over 5,000 sites nationwide undergoing massive consolidation, relying on financing to stay alive. After receiving this money, Meituan did not follow competitors in ad spending but invested in system building and city expansion—a choice that ultimately determined Meituan's victory. | Source: Baidu Baike / EqualOcean Data
- Series A RoundUSD 12M — Amount basis: USD 12M; USD 12,000,000; Led by: Sequoia Capital China | Sequoia was Meituan's first and most important institutional investor, subsequently participating continuously in Series B/C/D/E. An interesting historical detail: In 2005, Sequoia China approached Wang Xing due to an article criticizing Xiaonei.com for copying Facebook's UI, but ultimately invested in competitor Zuozuo.com instead of Xiaonei.com. Six years later, Sequoia used USD 12M to make up for this lesson. | Source: Baidu Baike / YiOu Data
- Seed and Angel RoundsUndisclosed — Amount: Not disclosed; —; Led by: Wang Jiang (Angel). Meituan launched on 2010-03-04, selling Vanya red wine as its first deal (original price RMB 100, 50% discount to RMB 50, 79 units sold, transaction value < RMB 4,000). Founder Wang Xing had previously created Xiaonei (sold to Chen Yizhou for USD 2M) and Fanfou, being a serial entrepreneur. During the 'Thousand Groupon Wars' of 2010–2011, China had over 5,000 groupon sites. Source: Baidu Baike / EqualOcean Data