Tencent-owned Chinese firm Meituan, which owns movie ticketing service Maoyan Weying, has raised $4.2bn in the world’s biggest internet-focused IPO in four years.

Meituan sold about 480 million primary shares at HK$69 ($8.79) each in the Hong Kong IPO, which means the company is valued at around $52.8bn, sources told Reuters today (Thursday).

The funds will go towards strengthening its position in the market against its primary competitor Ele.me, a food-delivery platform that is backed by China’s biggest e-commerce company Alibaba.

The firm reportedly plans to upgrade its technology, develop new services and products, and pursue acquisitions or investments in assets complementary to its business, according to its prospectus.

Meituan, which has been likened to US discounting platform Groupon, provides a range of services including movie ticketing, food delivery, hotel and travel booking as well as ride-hailing.

Earlier this year, its movie ticketing business Maoyan Weying, which is the largest in the Chinese market, announced an IPO in Hong Kong that could raise $1bn.

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