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Dianping files for US IPO

Dianping, The Yelp-like website in China, has filed for US listing to raise up to $1 billion.

Dianping is described as “a local life information and trading platform” and one of the first online independent third-party consumer service rating sites worldwide. In addition to detailed merchant information, consumer service rating services and featured promotions, Dianping also provides group-buying, e-membership cards, online restaurant reservations, and other online to offline services.

The website has hired Goldman Sachs, Morgan Stanley and Deutsche Bank to manage its IPO.

Dianping follows and Alibaba onto the US Stock Exchange – they raised $1.8 billion and $20 billion, respectively.

The Tencent-backed website Dianping boasted over 100 million active users as of the first quarter this year.

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