Meituan(美团)
Fast facts
- Year Founded
- 2007
Source: Qichachawww.qcc.com/firm/308064a33078fcff29dfd220d4e3dd85.html
- HQ Location
- Beijing, China
- Publicly Traded?
- Yes
Source: Hong Kong Stock Exchangewww.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote
- Overseas Operations
- Yes
Meituan is incorporated in the Cayman Islands. Since 2018, Meituan has been actively expanding its international business in the fields of food delivery, hotel accommodation, travel, etc. In 2019, Meituan enters partnerships with international firms for the development of its autonomous delivery open platform. At the CES conference in Las Vegas, Meituan signed strategic cooperation agreements with Valeo, Nvidia and Icona. Valeo is an automotive supplier from France; the U.S.-based Nvidia is a leader in AI computing; and Icona is an Italian design company for the automotive industry. However, overseas expansion is not always successful. Meituan, parent company of Mobike, has confirmed that the Chinese bike-share company will pull out of its foreign markets, after laying off operations across the Asia-Pacific region last week. Mobike announced its operations in Singapore, Malaysia, Thailand, India and Australia will be terminated, with the company deciding to focus on its home market in China.Source: All Weather TMTawtmt.com/articles/3352830Source: Pandailypandaily.com/meituan-partners-with-overseas-companies-for-autonomous-delivery-platform/Source: Cycling Industry Newscyclingindustry.news/mobike-operations-apac-foreign-markets/
- US Sanctions
- No
- Military Affiliation in China
- No
Revenue
Source: Meituan 2020 Annual Reportmedia-meituan.todayir.com/2021041908000317079722494_en.pdf
Valuation
Valuation is reported as market capitalization. It was converted from HKD using the exchange rate from June 26, 2022 13:50:07.Source: Yahoo Financefinance.yahoo.com/quote/MPNGF/key-statistics
Employees
Source: Meituan 2020 Annual Reportmedia-meituan.todayir.com/2021041908000317079722494_en.pdf
Meituan (美团) is an internet company that provides online retail services including food delivery as well as hotel and travel bookings. It is one of the world’s largest food delivery platforms. Headquartered in Beijing, it was founded by Wáng Xìng 王兴 in 2010.
Meituan’s flagship app Dazhong Dianping connects over 240 million consumers and five million local merchants across all of China via a comprehensive array of lifestyle services including food delivery, ride-hailing, reviews, and discounts. Think of it as an amalgamation of Yelp, Tripadvisor, Uber, Groupon, and Grubhub.
Meituan boasts 600 million users, 35 million of whom use the service every day.
2021 has been a rough year for Meituan, which has seen its stock price tumble over 50% since its peak in February due to an antitrust probe, reckless actions from the CEO, and a massive crackdown from the government on the technology industry.
Source: Meituan Websiteabout.meituan.com/ebout
-
- Name
- Ownership
-
- Wáng Xìng
Source: Tianyanchawww.tianyancha.com/company/23719700
- 50.96715%
- Wáng Xìng
-
- Mù Róngjūn
Source: Tianyanchawww.tianyancha.com/company/23719700
- 49.03285%
- Mù Róngjūn
- Wang Xing(王兴), Chairman, Executive Director, and CEO
- Mu Rongjun (穆荣均), Executive Director and Senior Vice President
- Wang Huiwen (王慧文), Executive Director
- Lau Chi Ping (Martin) (刘炽平), Non-executive Director
- Neil Nanpeng Shen (沈南鹏), Non-executive Director
- Orr Gordon Robert Halyburton, Independent Non-executive Director
- Leng Xuesong (冷雪松), Independent Non-executive Director
- Shum Heung Yeung (Harry) (沈向洋), Independent Non-executive Director
- Chen Shaohui (陳少暉), CFO and Senior Vice President
- Chen Liang (陳亮), Senior Vice President
- Zhang Chuan (張川), Senior Vice President
Source: Meituan 2020 Annual Reportmedia-meituan.todayir.com/2021041908000317079722494_en.pdf
Meituan is incorporated in the Cayman Islands. Since 2018, Meituan has been actively expanding its international business in the fields of food delivery, hotel accommodation, travel, etc. In 2019, Meituan enters partnerships with international firms for the development of its autonomous delivery open platform. At the CES conference in Las Vegas, Meituan signed strategic cooperation agreements with Valeo, Nvidia and Icona. Valeo is an automotive supplier from France; the U.S.-based Nvidia is a leader in AI computing; and Icona is an Italian design company for the automotive industry. However, overseas expansion is not always successful. Meituan, parent company of Mobike, has confirmed that the Chinese bike-share company will pull out of its foreign markets, after laying off operations across the Asia-Pacific region last week. Mobike announced its operations in Singapore, Malaysia, Thailand, India and Australia will be terminated, with the company deciding to focus on its home market in China.
Source: All Weather TMTawtmt.com/articles/3352830Source: Pandailypandaily.com/meituan-partners-with-overseas-companies-for-autonomous-delivery-platform/Source: Cycling Industry Newscyclingindustry.news/mobike-operations-apac-foreign-markets/
Meituan Sanctions
While at this time it appears that this company is not the subject of any U.S. or other global sanctions, it is important to note that Chinese companies tend to have more opaque organizational structures than their Western peers. Chinese companies' affiliated brands, operating units, and overseas subsidiaries are not always obvious or even identifiable. Given this, a Chinese company may not be the subject of sanctions, but one of its subsidiaries may be, thus making it difficult to accurately ascertain a company's full sanctions status.
Meituan Reputational Disclosures
On May 10, 2021, Meituan CEO Wang Xing posted a Tang Dynasty poem titled “The Book Burning Pit” which satirizes Qin Shi Huang, the first emperor of China under the Qin dynasty, who was known for cracking down on scholars and burning books. It was seen as a veiled shot at the government and the company’s stock plummeted 13%.
In April 2021, the State Administration for Market Regulation (SAMR) announced an antitrust probe into Meituan for alleged anticompetitive practices, such as “二选一” (Èr xuǎn yī, pick one of two) which forces merchants into exclusive arrangements with the platform. The potential penalty could be up to $1.7 billion, or 10% of Meituan’s annual revenue.
In March 2021, Meituan was fined $230,000 by SAMR for improper subsidies which disrupted the market order.
In September 2020, Meituan had to relax food delivery time targets after a viral exposé from Chinese magazine Renwu found that the drivers were violating traffic laws and risking their lives to meet their targets.
In August 2020, Meituan was sued by its biggest competitor, another food delivery company ELEME for unfair competition. Meituan has faced multiple unfair competition lawsuits since 2018.
In April 2020, it was reported that Meituan was charging “onerous” commissions to restaurants during the COVID-19 outbreak, which the company vehemently denied.
Source: Quartzqz.com/2007084/meituans-ceo-is-in-hot-water-over-a-classical-chinese-poem/Source: Bloombergwww.bloomberg.com/news/articles/2021-04-26/china-investigates-meituan-for-suspected-monopolistic-practicesSource: Reuterswww.reuters.com/article/us-china-group-buying-idUSKBN2AV0ILSource: SCMPwww.scmp.com/tech/apps-social/article/3100847/eleme-give-customers-option-wait-longer-food-deliveries-afterSource: Caixinwww.caixinglobal.com/2018-04-12/regulator-probes-unfair-practice-in-food-delivery-leaders-101233236.htmlSource: Bloombergwww.bloomberg.com/news/articles/2020-04-13/meituan-rejects-claims-it-exploited-restaurants-during-virus
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The latest news on Meituan from across the web
国家网信办：互联网企业近半年来用工人数保持平稳 - 21财经
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Just another day in antitrust enforcement: “Alibaba, Tencent, and Baidu are the target of another round of antitrust fines on Saturday [November 20] totaling 21.5 million yuan ($3.4 million),” per Bloomberg via Caixin. Other big names in China tech such as JD.com, ByteDance, and Meituan were also “fined 500,000 yuan ($78,000) for each violation” of antitrust law, TechNode reports. Caixin notes that the “first salvo since the appointment of Gān Lín 甘霖 as the head of the country’s anti-monopoly bureau” was met mostly with a shrug by markets.
Meituan makes strategic shift with Amazon-style special team, report says
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A 1,100-year-old poem cost Meituan's CEO US$2.5 billion, his company
Companies & Markets News -It took just 28 Chinese characters on a social media platform to ignite a controversy that's rattled China's tech industry.. Read more at straitstimes.com.
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China antitrust regulator launches probe of Meituan
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Meituan is shuttering its cloud business · TechNode
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China’s ecommerce giants deploy robots to deliver orders amid coronavirus outbreak
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China State Firm’s $6 Billion Loss Is Among Nation’s Worst Ever
A distressed Chinese fertilizer company said it may report one of the nation’s biggest-ever annual losses, sparking a slump in its shares and underscoring the challenges faced by some pockets of corporate China as the economy slows.
China Allows Access to Dual-Class Stocks Listed in Hong Kong
China will allow onshore investors to buy dual-class shares traded in Hong Kong for the first time, giving them access to some of the world’s hottest startups such as Xiaomi Corp and Meituan Dianping.
Chinese food delivery firm Meituan posts first quarterly profit since listing
China's Meituan Dianping , an online food delivery-to-ticketing company, posted its first quarterly profit as a listed firm as a surge in summer food delivery orders helped it beat competition from rivals including Alibaba-backed Ele.me.
China’s ride-hailing giant Didi is welcoming its competitors to its app
Didi wants to book more rides, but could end up helping rivals that will compete with it one day.
China's Meituan Dianping posts narrower 1Q loss
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Inside China’s $25 Billion Plastic Surgery Market
Social marketplace app SoYoung’s recent IPO has drawn attention to one of the world’s fastest growing markets for cosmetic surgery.
Alibaba accuses Meituan CEO of libel for questioning founder's integrity · TechNode
Meituan has battled with Alibaba in its core food delivery business for years, following their short-lived friendship.
Meituan and Alibaba Have Reshaped Food Delivery in China
In China, Meituan has reshaped city life—and heightened a rivalry with a certain competitor.
