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[$$] Chinese App Meituan Raises $4.2 Billion in IPO

Chinese startup Meituan Dianping raised about $4.2 billion from its initial public offering in Hong Kong, according to people familiar with the situation, defying a weak market to show investors remain keen on fast-growing technology companies. Meituan, backed by Tencent Holdings Ltd., caters to China’s growing middle class, which increasingly goes online to do things as diverse as ordering lunch and booking cinema tickets. On Thursday, Meituan’s fundraising priced near the top of its target range, contrasting with a lackluster response to smartphone-maker Xiaomi Corp.’s IPO earlier in the summer, which ultimately raised $5.4 billion.