Meituan (3690 HKD, 83690 RMB) released an announcement on October 27, 2025, regarding a proposed issue of United States dollar (USD) and Renminbi (CNY) denominated senior notes to professional investors. The company has yet to finalize the aggregate principal amounts, interest rates, and payment dates, as those terms remain subject to market conditions and investor demand.

According to the announcement, the proceeds from the proposed notes will primarily be used to refinance existing offshore indebtedness and for other general corporate purposes. Meituan intends to conduct separate book-building exercises for the USD and CNY notes, with Goldman Sachs (Asia) L.L.C., Merrill Lynch (Asia Pacific) Limited, and CLSA Limited acting as joint global coordinators, joint lead managers, and joint bookrunners for the USD Notes, and several underwriters including CLSA Limited, Goldman Sachs (Asia) L.L.C., and Merrill Lynch (Asia Pacific) Limited, among others, involved in the CNY Notes.

The company noted that applications will be made to The Stock Exchange of Hong Kong Limited for the listing of these notes by way of debt issue to professional investors only. The USD notes are offered to qualified institutional buyers in reliance on Rule 144A and/or outside the United States in reliance on Regulation S under the U.S. Securities Act, while the CNY notes are offered only outside the United States to non-U.S. persons in reliance on Regulation S. The announcement stated there is no assurance the proposed notes offering will be completed, and further details will be provided if and when finalized.