China’s largest food delivery and group buying company announced on Tuesday it has raised more than $3.3bn in one of the country’s largest internet funding rounds.中国仅次于的送餐和淘宝公司美团-大众评论(Meituan Dianping)周二宣告融资逾33亿美元，已完成中国金额仅次于的互联网融资淘汰赛之一。The fundraising by Meituan Dianping, created in October by a merger, is the latest sign that money is still pouring into China’s “online to offline” sector despite the lack of concrete profits.美团-大众评论于去年10月拆分后正式成立，此轮融资是近期的迹象，指出资金仍在涌进中国的“线上到线下”(O2O)领域，尽管该领域还并未产生觉得的利润。

A Meituan Dianping spokesman confirmed the amount of the fundraising but would not say what valuation it represented. Tencent, the Chinese social media and gaming company, took a 20 per cent stake in Meituan last year and was understood to be aiming to increase it.美团-大众评论的一位发言人证实了融资金额，但没说道这意味著公司的估值超过了多少。中国的社交媒体和游戏公司腾讯(Tencent)去年并购了美团20%的股份，此前据信该公司无意增持股份。The group, which functions as China’s equivalent of Yelp and Groupon combined, has previously been backed by Alibaba, but the Chinese ecommerce group said in November it planned to sell its stake in the company. However, an Alibaba spokesman declined to comment on the fate of its shareholding on Tuesday.美团-大众评论的功能相等于融合中国版的Yelp与Groupon，此前该公司曾受到阿里巴巴(Alibaba)的反对，但去年11月这家中国电商集团宣告计划出售所所持股份。不过，阿里巴巴发言人周二拒绝接受对其持股份的现况置评。

QQ Tech, a news portal owned by shareholder Tencent, posted a series of PowerPoint slides on Tuesday that were said to be from the company’s roadshow. They said that Meituan Dianping had been seeking to raise $3bn at a valuation of $18bn, up from a prior valuation of $15bn. A Meituan Dianping spokesperson declined to comment on the slides.腾讯旗下新闻门户网站腾讯科技(QQ Tech)周二公布了一系列PPT幻灯片，据传是美团-大众评论的路演资料。这些幻灯片表明，腾讯美团-大众评论谋求筹得30亿美元，将公司估值从原本的150亿美元提高到180亿美元。

美团-大众评论的发言人拒绝接受对这些幻灯片置评。The slides also stated that the company, which was referred to by a new name of “China Internet Plus”, would seek to list in two to three years. Total sales on the company’s platforms — known as gross merchandise value — were expected to be Rmb184bn ($28bn) in 2015 and rise above $1tn by 2019, according to the slides.幻灯片还声明，新的名称是“中国互联网+”的该公司谋求在两到三年后上市。幻灯片表明，2015年该公司平台的总销售额——即总商品交易额(GMV)——预计约1840亿元人民币（合280亿美元），2019年将提高到1万亿元人民币以上。

Meituan’s merger with Dianping took place despite concerns that both companies were spending too much on subsidies and discounts. The “online to offline” sector, which includes food delivery, restaurant reviews and online hire of manicurists and transport, is the fastest growing part of China’s internet economy.尽管有人担忧美团和大众评论在补贴和优惠方面投放过于多，但两家公司还是已完成了拆分。“线上到线下”市场包括了送餐、餐馆评论以及在线聘用美甲师以及租给交通工具，是中国互联网经济中快速增长最慢的部分。

A report by HSBC bank in Hong Kong said that Chinese online to offline companies were all making heavy losses because they charged low commissions to attract merchants — often less than 5 per cent — and were subsidising users to boost market share.汇丰(HSBC)香港的一份报告称之为，中国的线上到线下公司全都相当严重亏损，为了提高市场份额，它们不但缴纳较低佣金来更有商家——往往将近5%——还补贴用户。Nevertheless, the bank concluded that the potential upside was still large. It estimated that the total potential market for online to offline services in China is Rmb10tn ($1.6tn) a year, and said the online portion of online to offline revenues had surged 80 per cent year-on-year to Rmb300bn ($47bn) in the first half of 2015.但汇丰的结论是该市场潜在下降空间依然相当大。据估计中国线上到线下服务潜在市场规模约每年10万亿元人民币（合1.6万亿美元），并回应2015年上半年线上部分的收益同比激增80%，至3000亿元人民币（合470亿美元）。

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