Meituan Dianping's forthcoming initial public offering, which is expected to be $4bn in size, will feature Tencent as a cornerstone investor.

Internet group Tencent plans to provide $400m as the cornerstone investor for China-based local services platform and portfolio company Meituan Dianping’s initial public offering, Bloomberg reported today.

Meituan Dianping is currently assessing investor interest in the IPO, which will take place in Hong Kong and which is expected to raise about $4bn at a $50bn to $55bn valuation, according to people with knowledge of the matter.

Formed by the merger of food delivery platform Dianping and group buying service…