China's internet advertising market expanded to the size of 371.7 billion yuan ($55.48 billion) last year, up 25.7 percent year-on-year, according to the latest statistical report on internet development.

Chinese restaurant review and food delivery giant Meituan-Dianping said it aims to raise up to $4.4 billion for its initial public offering in Hong Kong, despite a lukewarm response to other recent IPOs in the city.