September 4, 2018 / 8:19 AM / 19 days ago

China's Meituan Dianping posts bigger loss ahead of Hong Kong IPO

BEIJING, Sept 4 (Reuters) - Chinese on-demand food delivery service firm Meituan Dianping has reported a much bigger loss ahead of a highly anticipated Hong Kong listing, hit by fierce competition from rivals backed by Alibaba.

The company reported a net loss of 22.8 billion yuan ($3.3 billion) for the four months ended April 30, wider than a net loss of 8.2 billion yuan for the same period in 2017.

Meituan is seeking to raise as much as $4 billion before an overallotment option, and is valuing itself at up to $55 billion, sources with knowledge of the IPO have previously said.

$1 = 6.8278 Chinese yuan Reporting by Cate Cadell; Editing by Edwina Gibbs

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