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China's Meituan seeks firepower boost with $10bn of new capital

Delivery platform selling stock and convertible bonds for group grocery battle

Meituan operates China's leading food delivery platform.    © Reuters

HONG KONG -- Chinese food delivery company Meituan is raising $10 billion from a sale of stock and convertible bonds as it bolsters its firepower against Alibaba Group Holding in the emerging battlefield of community-group buying.

Meituan, in which Tencent Holdings holds a 17.7% stake, plans to use the new funds for the development of autonomous delivery vehicles, drone delivery services and other technology innovation, a term sheet showed.

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