Source Code Capital Congratulates Meituan on Its IPO on Hong Kong Exchanges and Clearing Limited

源码资本·September 20, 2018·0·0

Eat Better, Live Better

Meituan Lists on the Hong Kong Stock Exchange

With Meituan (stock code "3690," hereafter referred to as Meituan) officially listing on the Hong Kong Stock Exchange today, the exchange welcomes its largest internet platform company in nearly a decade. Meituan also becomes the second "weighted voting right" pilot enterprise to go public in Hong Kong, following Xiaomi.

On the morning of September 20, at Meituan's listing ceremony at the Hong Kong Stock Exchange, CEO Xing Wang led the management team alongside an 85-born female Meituan delivery rider, as well as merchant and user representatives, to strike the opening gong amid a countdown. This marked Meituan's official trading debut, with shares jumping 6.16% within the first ten minutes of trading — a standout performance among recent Hong Kong listings.

Approximately 300 people attended Meituan's listing ceremony, including the company's founding and management teams, early investors, invited guests, Hong Kong's Financial Secretary, and Charles Li, CEO of the Hong Kong Stock Exchange.

Xing Wang expressed gratitude to many: the 340 million people who have spent money on Meituan, choosing the lives they want; the 4.7 million partner merchants across China; the nearly 600,000 delivery riders; the company's more than 50,000 employees and former staff who contributed; past investors and those who invested today and will invest in the future; and Steve Jobs — without Apple and without mobile internet, there would be no Meituan today. He also thanked the Hong Kong Stock Exchange.

Food is the paramount necessity of the people. Meituan has built a large e-commerce platform by focusing on "eating," the most central category in the lifestyle and entertainment industry. By attracting and retaining users through food, it has extended into other categories, gradually covering consumers' entire lifecycle — from "eating" to "living," from food delivery to transportation, travel, entertainment, and shopping. Meituan has established "Food + Platform" as its strategic core, achieving a complete online-offline闭环 and forming a super platform.

Meituan CEO Xing Wang

During the gift exchange with the Hong Kong Stock Exchange that day, Meituan's gift, "盒器生财" (Hé Qì Shēng Cái), fully embodied its "Food"-centric identity. The food container, or shihe, was an ancient vessel specifically used for transporting food and wine — arguably the earliest载体 for meal delivery — and also symbolizes Meituan's corporate mission of "helping people eat better, live better." The fish-scale pattern on the container's body is one of the bronze vessel patterns symbolizing ancient Chinese civilization, while the bronze ox inside represents a bull market. Placed within the food container, it carries the寓意 of Hong Kong's stock market "eating up the bull market."

Earlier, during the IPO pricing phase, Meituan attracted strong institutional demand, ultimately pricing at the top of its range at HK$69 per share. The IPO is expected to raise approximately $4.9 billion in total, at a valuation of $53.4 billion. Industry observers noted that amid recent market volatility and the challenges facing mega-listings, Meituan's debut and first-day performance were highly anticipated, injecting a shot of confidence into Hong Kong's stock market.

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