Maples Group Advises Meituan on Landmark Dual-Currency Offshore Note Offering

Maples and Calder, the Maples Group’s law firm, is pleased to have advised Meituan on its landmark dual-currency offshore note issuance with an aggregate offering size of approximately US$3 billion. This represents Meituan’s first dual-currency offshore note offering and the largest offshore note issuance year-to-date. The transaction closed on 5 November 2025, and all Notes are listed on the Stock Exchange of Hong Kong Limited.

The issuance comprises three tranches of USD Senior Notes including US$600 million 4.500% Senior Notes due 2031, US$600 million 4.750% Senior Notes due 2032 and US$800 million 5.125% Senior Notes due 2035 and two tranches of CNY Senior Notes of CNY2,080,000,000 2.55% Senior Notes due 2030 and CNY5,000,000,000 3.10% Senior Notes due 2035.

Meituan is a tech-driven retail, providing daily goods and services by leveraging technology, including food delivery, in-store, hotel and travel booking, as well as other services and sales.

A team based in the firm’s Hong Kong office acted as Cayman Islands counsel to Meituan, led by Partner, Karen Zhang Pallaras with assistance from Associate, Sarena Gong.

Commenting on the transaction, Karen said, “We are delighted to have advised Meituan on this landmark dual-currency offering, which reflects strong market confidence in the company and continued investor appetite for high-quality issuances. This transaction showcases our capital markets expertise and our ability to support clients on complex, cross-border matters.”

Davis Polk & Wardwell acted as US and Hong Kong counsel while Han Kun Law Offices acted as PRC counsel to Meituan. Linklaters acted as US counsel while JunHe LLP acted as PRC counsel to the initial purchasers.