Meituan (MEITUAN-WR) has launched an offshore bond offering comprising CNY 4.50 billion 2.50% senior notes due 2031 and CNY 3.50 billion 3.10% senior notes due 2036, according to an offering memorandum dated 27 October 2026.
The 2031 notes will pay interest semi-annually on 3 May and 3 November and mature on the interest payment date nearest 3 November 2031. The 2036 tranche carries the same coupon schedule and matures on the interest payment date nearest 3 November 2036. Both series can be redeemed early at the company’s option subject to a make-whole premium; each also features a 101% put upon a defined “Triggering Event” and a 100% tax call.
Proceeds, expected to total CNY 8.00 billion before expenses, are earmarked primarily for refinancing existing offshore indebtedness and for general corporate purposes. The notes are senior unsecured obligations of Meituan, ranking pari passu with the group’s other unsecured, unsubordinated debt. Moody’s, S&P Global and Fitch have assigned expected ratings of Baa1/BBB+/BBB+ respectively.
The securities will be listed on The Stock Exchange of Hong Kong’s professional investors only market; settlement will occur through the Hong Kong Monetary Authority’s CMU. Meituan has completed NDRC registration for the issuance and must file post-issue information with the regulator. Joint global coordinators are CITIC Securities, Goldman Sachs (Asia), BofA Securities, China Construction Bank (Asia), ICBC (Asia), Bank of Communications, HSBC and Morgan Stanley. The offering is exempt from U.S. registration under Regulation S of the Securities Act.
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