Two of China’s largest online companies have agreed to combine in what will be the country’s largest private market merger, with a potential valuation of as much as $20bn according to people familiar with the matter.中国两大互联网公司美团网(Meituan)和大众评论网(Dianping)表示同意拆分。这宗拆分将沦为中国规模仅次于的非公开发表上市企业拆分交易——知情人士称之为，潜在估值最低平均200亿美元。

By coming together, Meituan.com and Dianping Holdings will dominate in China’s market for providing everything from movie tickets to discount restaurant coupons and home delivery of food.美团和大众评论拆分后，将支配中国相当大一块市场，业务从电影票到餐厅优惠券和店内送餐等等。Meituan, had about 52 per cent of the Rmb77bn ($12.1bn) online-to-offline services market in the first half of the year, according to researcher Analysys International, while restaurant review app Dianping accounted for about 30 per cent.研究机构易观国际(Analysys International)数据表明，今年上半年，中国“线上到线下”(O2O)服务市场规模为770亿元人民币（合121亿美元），淘宝网站美团大约占到其中的52%，餐厅评论网站大众评论大约占到其中的30%。The combined group will pose a greater threat to other established players, notably search engine Baidu’s consumer services platform Nuomi. Baidu in June said it would invest Rmb20bn in its Groupon-like site in an effort to make it the number two player in the market by the end of the year.拆分后的新公司将对其他既有同行包含更大威胁，尤其是搜索引擎百度(Baidu)旗下的消费者服务平台糯米网(Nuomi)。

今年6月百度回应，将向糯米投资200亿元人民币，力图让其在今年年底前变为该市场名列第二的企业。With Meituan backed by ecommerce giant Alibaba and Dianping by social media and gaming group Tencent, the merger marks a decision to forgo a expensive price and subsidy war and focus on creating scale.美团的背后是电商巨头阿里巴巴(Alibaba)，大众评论的背后是社交媒体和游戏集团腾讯(Tencent)，此次拆分标志着两家公司要求退出代价高昂的价格与补贴战并注目于打造出规模。

Despite the differing sizes and valuations, the tie-up is being billed as one of equals. The two company heads will become co-chief executives of the new company, which will have two head offices, one in Beijing where Meituan is based and one in Shanghai, Dianping’s home.尽管两家公司规模和估值有所不同，但双方的拆分被称作“对等拆分”。两家公司的首席执行官将沦为新的公司的联席首席执行官，新的公司将成立两个总部，一个是美团总部所在地北京，另一个是大众评论总部所在地上海。The deal will give existing management a significant share of the merged unit. Sequoia Capital Management, which has been an investor both in Meituan and Dianping in almost all of their financing rounds, will be a big beneficiary, along with other stakeholders including Alibaba and Tencent.这宗交易将让现有管理层在拆分后的新公司中占有一大块股份。

红杉资本(Sequoia Capital Management)在美团和大众评论两家公司的完全所有融资淘汰赛中都有投资，该公司以及还包括阿里巴巴和腾讯在内的其他股东将沦为根本性受益者。

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