SINGAPORE (Oct 20): GIC, Singapore’s sovereign wealth fund, is investing in Meituan-Dianping as part of its latest US$4 billion ($5.4 billion) financing round led by existing investor Tencent.

Meituan-Dianping is a one-stop services e-platform that connects 280 million annual active consumers with over five million annual active local merchants across a wide range of services and products.

The funds will be used to strengthen the company’s core business groups and enable continued investment in AI-based technology and innovation.

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