Meituan Waimai, operated by Meituan Dianping, provides food delivery and runs errands for customers.

 

Skadden, Arps, Slate, Meagher & Flom is advising regular client Meituan Dianping, a Chinese e-commerce site, on a proposed Hong Kong listing that is expected to raise about $4 billion.

Beijing-based Meituan Dianping filed Monday for an initial public offering on the Hong Kong Stock Exchange under a dual-class share structure. The same structure was also chosen by smartphone-maker Xiaomi Corp. in its planned $10 billion Hong Kong listing.

The Hong Kong Stock Exchange revised its listing rules in April to allow dual-class shares, a structure preferred by tech companies, in an effort to attract Chinese internet companies after losing Alibaba Group Holding Ltd.’s $25 billion listing to the New York Stock Exchange in 2014.

Meituan Dianping did not specify the amount it planned to raise via the IPO in a regulatory filing. Reuters reported that the company is seeking to raise more than $4 billion.

Skadden Hong Kong partners Julie Gao, Christopher Betts and Will Cai are advising Meituan Dianping on the IPO. Han Kun Law Offices Hong Kong partner Dafei Chen is serving as Chinese counsel to the issuer. Both firms also advised the Chinese company on a $4 billion funding round last year from a Tencent Holdings Ltd.-led consortium; that deal valued Meituan Dianping at $30 billion.

Davis Polk & Wardwell Hong Kong partners Li He and Bonnie Chan are acting for Goldman Sachs, Merrill Lynch Far East Ltd., and Morgan Stanley Asia Ltd. as joint sponsors. Zhong Lun Law Firm is Chinese counsel to the banks.

Meituan Dianping was created in late 2015 by the merger of Tencent-backed Dianping, a Yelp-like restaurant review site, and Alibaba-backed Meituan, then a Groupon-like online voucher seller. Skadden’s Gao and Cai represented Shanghai-based Dianping on the 2015 merger while Han Kun’s Chen and Davis Polk’s He advised Meituan.

The combined company has since expanded its scope of business and is now better known for its online food order and delivery service Meituan Waimai. The company planned to use the proceeds for new product development as well as acquisition and investments, according to the regulatory filing.

Alibaba sold all of its stake in Meituan in 2016 for $900 million.