Shares of Meituan, China's leading food delivery and e-commerce platform, surged 5.35% on Tuesday, fueled by the company's announcement of plans to raise funds through a dollar-denominated bond offering.
According to a term sheet, Meituan is planning to issue bonds with tenors of 3.5 and 5 years, denominated in US dollars. This move signals the company's efforts to bolster its financial position and secure additional capital to fund its ambitious growth strategies amid intense competition in China's burgeoning online services market.
Meituan has been actively diversifying its business beyond food delivery, venturing into areas such as ride-hailing, hotel bookings, and retail services. By tapping into the international bond market, the company aims to capitalize on the growing consumer demand for integrated online services and accelerate its expansion into these new sectors.
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