HONG KONG (AP) — Chinese food delivery giant Meituan says it has raised nearly $10 billion in a sale of convertible bonds and additional shares, with plans to invest in and develop delivery technologies. Meituan is China’s largest food delivery platform, and over the past year has invested aggressively in the hotly-contested sectors of grocery retail and community group-buying. The company faces strong competition with rivals in e-commerce and group-buying for fresh produce. Meituan, which has a market valuation of about $217 billion, said it plans spend the money on research and development of self-driving vehicles, drone deliveries and other technology.
