Meituan announced that Tencent’s subscription has been completed, and the proceeds will be used for technological innovation

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On the evening of July 13, meituan announced that all the prerequisites for Tencent’s subscription as set out in the Tencent subscription agreement had been reached, and the subscription had been completed on July 13. After the completion of Tencent subscription, meituan has allotted and issued 11.3526 million Tencent subscription shares to Tencent, equivalent to 0.2% of meituan’s issued share capital expanded by issuing Tencent subscription shares.
After deducting the related costs, the estimated net proceeds from Tencent’s subscription are expected to be about $400 million. Meituan plans to use the estimated net proceeds from Tencent’s subscription for technological innovation, including research and development of cutting-edge technologies such as unmanned vehicles and UAV distribution, and general corporate purposes.