Online services giant Meituan Dianping and is now worth $51 billion

China food delivery service Meituan Dianping had a $4.2 billion IPO. The company’s market cap reached about HK$400 billion (US$51 billion).

Co-founder Wang Xing’s now has a net worth US$5.3 billion.

Wang Xing’s vision for Meituan is to be an “Amazon for services” in China.

Meituan Dianping offers more services than Yelp.

Meituan passed the US$38.6 billion market cap of e-commerce site which is one of China’s largest internet companies by revenue. Both Meituan and have backing from China’s social media and gaming giant, Tencent Holdings.

Tencent controls a 20% and Sequoia Capital has 11%.

Meituan offers such services as food delivery, shopping, tickets and hotel booking on its app, which has 340 million users.

They will further integrate Mobike into its operations and improve the bike-sharing service on Meituan’s app. In April, Meituan acquired bike-sharing firm Mobike for US$2.7 billion.