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Chinese online grocery startups bulk up to fight bigger players

Missfresh and Dingdong seek more than $850m from New York IPOs

Dingdong Maicai has raised $1.3 billion from investors including SoftBank Vision Fund II, Tiger Global Management and General Atlantic.   © Reuters

HONG KONG -- Chinese online grocery startups Missfresh and Dingdong Maicai are headed to Wall Street to boost their firepower to fend off big tech rivals in an intensifying battle over the country's vast fresh produce market.

Both companies filed applications for initial public offerings in the U.S. earlier this month, racing to become the sector's first listed Chinese company. Dingdong aims to raise up to $357 million at a valuation of about $6 billion, according to its prospectus. The company intends to fix the sale price on June 28 and start trading the next day, according to a term sheet.

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