Meituan (美团)
Fast facts
- Year Founded
- 2010
Source: Meituan 2019 Annual Report meituan.todayir.com/attachment/2020041708160280279238680_en.pdf
- HQ Location
- Beijing, China
- Publicly Traded?
- Yes
Source: Hong Kong Stock Exchange www.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote
- Overseas Operations
- Yes
Source: All Weather TMT awtmt.com/articles/3352830
- US Sanctions
- No
- Military Affiliation in China
- No
Revenue
Source: Meituan 2020 Annual Report media-meituan.todayir.com/2021041908000317079722494_en.pdf
Valuation
Valuation is reported as enterprise value in HKD. Converted to dollars using the exchange rate from November 12, 2021.Source: Yahoo Finance finance.yahoo.com/quote/MPNGF/key-statistics
Employees
Source: Meituan 2020 Annual Report media-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 Website about.meituan.com/ebout
- 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 Report media-meituan.todayir.com/2021041908000317079722494_en.pdf
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: Quartz qz.com/2007084/meituans-ceo-is-in-hot-water-over-a-classical-chinese-poem/Source: Bloomberg www.bloomberg.com/news/articles/2021-04-26/china-investigates-meituan-for-suspected-monopolistic-practicesSource: Reuters www.reuters.com/article/us-china-group-buying-idUSKBN2AV0ILSource: SCMP www.scmp.com/tech/apps-social/article/3100847/eleme-give-customers-option-wait-longer-food-deliveries-afterSource: Caixin www.caixinglobal.com/2018-04-12/regulator-probes-unfair-practice-in-food-delivery-leaders-101233236.htmlSource: Bloomberg www.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
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China’s largest car-hailing company is facing relentless pressure from all fronts. Beijing-based Didi Chuxing reportedly lost a staggering 10.9 billion yuan ($1.6 billion) in 2018, according to financial data that Chinese news site 36Kr obtained. For some context, Uber posted a net loss of $939 million on a pro forma basis and an EBITA loss at $527 million during […]
