However, with China’s already high-tech industry following a downward turn, Meituan is competing not only against rival companies but additionally reduced investor excitement.
Meituan will be the next organization to take advantage of new regulations which allow businesses to provide outstanding voting rights in Hong Kong. The so-called superapp hopes to raise $4.4 billion by devoting over 480 million Class B shares, each of which entitles the shareholder to one vote. The organization’s Class A shares, which are good for 10 votes, will probably be held with CEO Wang Xing along with two other top executives.
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