GIC deepens investment in China's largest online services provider Meituan-Dianping

GIC has further invested in Chinese e-commerce giant Meituan-Dianping.
GIC has further invested in Chinese e-commerce giant Meituan-Dianping.PHOTO: BLOOMBERG

SINGAPORE - GIC, Singapore's sovereign wealth fund, has further invested in Chinese e-commerce giant Meituan-Dianping's by taking part in its latest US$4 billion financing round led by internet giant Tencent.

Meituan-Dianping is China's biggest online platform that connects 280 million annual active consumers with over five million annual active local merchants offering services like movie ticketing, food delivery, restaurant bookings, beauty services, travel and luxury goods.

The latest fund-raising values the company provider at US$30 billion, Reuters reported.

Often compared to Yelp and Groupon, Meituan-Dianping's biggest rivals include Alibaba Group Holding and JD.com.

GIC's participation in its latest fund-raising came alongside new investor The Priceline Group, as well as existing investors that included Sequoia Capital, Canada Pension Plan Investment Board, Trustbridge Partners, Coatue Management, IDG Capital, Tiger Global Management, and China-UAE Investment Cooperation Fund.

The funds will be used to strengthen the company's core business groups, and enable continued investment in artificial intelligence-based technology and innovation.

Mr Choo Yong Cheen, GIC's chief investment officer of private equity, said in a media release on Friday (Oct 20): "We are an existing investor of Meituan-Dianping and our investment will now support the company in expanding its leadership position.

"This investment is testament to GIC's belief in forging lasting relationships with the best technology players and engaging companies from the startup phase to post-IPO."