Funding
Meituan Taps Seven Banks to Arrange Dual-Tranche Offshore Yuan Bond Sale
By News Desk ·
Key takeaways
- Meituan mandated seven banks to arrange investor meetings for a planned dual-tranche offshore yuan bond sale.
- The sale is intended to refinance debt, according to a term sheet and preliminary offering memorandum seen by Reuters.
- Moody's Ratings assigned a Baa1 senior unsecured rating to Meituan's proposed CNY notes, with proceeds for refinancing and general corporate purposes.
Meituan has mandated seven banks to arrange investor meetings for a planned dual-tranche offshore yuan bond sale, according to a term sheet and preliminary offering memorandum seen by Reuters. The future of trading reported the mandate on October 26, 2026. The sale is intended to refinance debt.
Meituan's Dual-Tranche Yuan Bond Mandate
Meituan, the Chinese food delivery group, has appointed seven banks to arrange investor meetings ahead of a planned dual-tranche offshore yuan bond sale, according to a term sheet and preliminary offering memorandum seen by Reuters. The future of trading reported the mandate on October 26, 2026.
The term sheet and preliminary offering memorandum were seen by Reuters on Monday. Meituan trades under the stock code 3690.HK. The company has not disclosed the size or pricing of the proposed notes.
Meituan's Funding History on Record
Meituan's funding history includes 13 rounds on record, according to akta.pro company records. The company's total funding stands at $25.6 billion, with the last round dated September 24, 2024. Meituan's valuation estimate is $25 billion or more.
| Date | Round type | Amount |
|---|---|---|
| 2024-09 | Post IPO debt | $2.5 billion |
| 2021-04 | Post IPO equity | $400 million |
| 2021-04 | Post IPO debt | $3 billion |
| 2021-04 | Post IPO equity | $6.6 billion |
The 2021-04 post IPO equity round of $400 million was led by Tencent. Meituan's Q1 2026 revenue rose 5.6% year on year to 91 billion yuan, or $13.4 billion, while its operating loss narrowed to RMB 6.5 billion from RMB 16.1 billion in the previous quarter.
Meituan's Path to the Bond Sale
On October 21, 2026, Bloomberg reported that Meituan was considering an offshore yuan-denominated bond sale in the coming weeks, its second-ever dim sum note offering. The company had received permission from Chinese authorities, and proceeds would be used for general corporate purposes.
On October 26, 2026, TradingView reported that Moody's Ratings assigned a Baa1 senior unsecured rating to Meituan's proposed CNY notes. The proceeds will be used for refinancing and other general corporate purposes, strengthening liquidity and financial flexibility.
Next Steps for the Notes
Meituan has mandated seven banks to arrange investor meetings for the planned dual-tranche offshore yuan bond sale, according to the term sheet and preliminary offering memorandum seen by Reuters.