Group-discount play Meituan gets US$700m boost
Mainland website Meituan expects to sharply increase sales after securing fresh financing
Transaction volumes were expected to increase to 100 billion yuan (HK$124.8 billion) this year, and rise to 1 trillion yuan in 2020, Wang said at a media conference in Beijing on Sunday.
At the end of last year, the figure was 46 billion yuan, he said.
"We will focus on developing business areas where many people use frequently," said Wang, listing hotels, food-delivery and movie tickets.
While reaffirming Meituan's plan to undertake an initial public offering some day, he said the company was not focused on one this year or next.
Meituan, which has about 20 million active daily mobile users and is partly owned by Alibaba, is tapping into the surging middle class, which is seeking deals for entertainment and restaurants.