Chinese food delivery giant Meituan launched a deal on Monday to raise up to $10 billion in shares and convertible bonds to help fund the research and development of autonomous vehicle and drone delivery services.

In the term sheet, Meituan said the cash raised would be spent on technology innovation, including the research and development of autonomous delivery vehicles and drones. Meituan said on Monday it had begun to pilot autonomous delivery vehicles in the outskirts of Beijing that achieved level 4 autonomous driving, meaning they can operate without a human driver under certain conditions. The company has been testing autonomous delivery vehicles in the area since last year and has accomplished 35,000 orders through autonomous delivery, Meituan said in a statement.

China'S Meituan Raising $10 Billion To Bolster Technology Research

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China'S Meituan Raising $10 Billion To Bolster Technology Research

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