Pursuits
Alibaba-Backed Website Meituan Raises $700 Million in Financing
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Meituan.com, the Chinese group-discount website backed by Alibaba Group Holding Ltd., raised $700 million from unidentified investors, with Chief Executive Officer Wang Xing saying it’s now worth $7 billion.
Transaction volumes are expected to increase to 100 billion yuan ($16.1 billion) this year, and rise to 1 trillion yuan in 2020, Wang said Sunday at a media conference in Beijing. At the end of last year, the figure was 46 billion yuan, he said.