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
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 TMT awtmt.com/articles/3352830Source: Pandaily pandaily.com/meituan-partners-with-overseas-companies-for-autonomous-delivery-platform/Source: Cycling Industry News cyclingindustry.news/mobike-operations-apac-foreign-markets/
- 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
-
- Name
- Ownership
-
- Wang Xing
Source: Meituan 2020 Annual Report media-meituan.todayir.com/2021041908000317079722494_en.pdf
- 66.56%
- Wang Xing
-
- Tencent Holdings
- 17.20%
-
- Mu Rongjun
Source: Meituan 2020 Annual Report media-meituan.todayir.com/2021041908000317079722494_en.pdf
- 16.13%
- Mu Rongjun
-
- Sequoia Capital
Source: Meituan 2020 Annual Report media-meituan.todayir.com/2021041908000317079722494_en.pdf
- 7.53%
- Sequoia Capital
-
- Wang Huiwen
Source: Meituan 2020 Annual Report media-meituan.todayir.com/2021041908000317079722494_en.pdf
- 4.95%
- Wang Huiwen
- 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 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 TMT awtmt.com/articles/3352830Source: Pandaily pandaily.com/meituan-partners-with-overseas-companies-for-autonomous-delivery-platform/Source: Cycling Industry News cyclingindustry.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: 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
The latest news on Meituan from SupChina
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Food delivery giants Ele.me and Meituan promise to stop treating delivery workers like disposable garbage. Sort of.
Chinese food-delivery companies are notorious for their exploitation of couriers: the beleaguered guys on electric bikes struggling through urban traffic to bring urban consumers their dinners at speeds that necessitate breaking traffic rules. Two of the biggest firms are promising to change.
China steps up antitrust campaign with new draft rules targeting internet companies
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China’s ‘Big Tech crackdown’: A guide
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China’s antitrust probe: Tencent and Meituan are next
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How rental mobile phone chargers took over China’s cities
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All the electric car companies in China — a guide to the 46 top players in the Chinese EV industry
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In China, delivery workers struggle against a rigged system
China’s 7 million food delivery drivers, classified as part of the gig economy, lack protection from the country’s labor laws. Their attempts to improve their working conditions have repeatedly been rebuffed.
The latest news on Meituan from across the web
China Fines Alibaba, Tencent in Latest Antitrust Investigation
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
Meituan’s overhaul comes after a tumultuous year for the company and Chinese internet platforms in general, after Beijing updated regulations.
China Vows Further Curbs on ‘Disorderly Expansion’ by Tech Firms
China will take further steps to rein in internet companies, a senior cyberspace official said, citing the shared economy, online health care and smart delivery as areas of concern.
China Tech Stocks Meituan, Alibaba Jump After Tencent Share Buyback
Chinese technology stocks rallied to their highest level in more than a month after a new round of share buybacks by Tencent Holdings Ltd boosted market sentiment.
Chinese regulators summon 11 ride-hailing firms, including Didi, over 'illegal behavior'
Chinese regulators have summoned and interviewed 11 ride-hailing firms asking them to rectify non-compliant behavior.
China Orders Ride-Hailing Firms Meituan, Didi to Fix Misconduct
Chinese regulators ordered car-hailing services run by Didi Global Inc., Meituan and Alibaba Group Holding Ltd. to rectify instances of what the government considers misconduct by December, amping up scrutiny over an industry that employs millions of people.
Didi Creates Union, Setting Precedent for Xi’s Worker Agenda
Didi Global Inc. is helping workers establish their first union, a groundbreaking decision its fellow tech giants may soon follow as China imposes rules to curb excessive work and protect millions of blue-collar workers from exploitation.
Chinese Tech Giant Meituan Logs Another Loss Despite Sales Jump
Under pressure amid crackdown, the Chinese food-delivery giant’s CEO says ‘fine-tuning’ of business will be a long-term positive.
Chinese Tech Stocks Rally to Start Week as Investors Eye Bottom
Chinese technology shares climbed on Monday after recording their best weekly advance since January as bargain hunters continued to load up on the beaten-down sector.
Country Now Comes Before Profit For Companies in Xi’s China
China’s biggest companies are starting to make a habit out of giving away their earnings.
Alibaba-backed Nice Tuan halts group buying operations in some cities
Nice Tuan is halting operations in multiple cities after facing setbacks from Beijing’s tech crackdown and fiercer competition from tech giants like Meituan, Pinduoduo and Didi.
China Tech Rout Deepens as New Regulations Mulled; Alibaba Dives
The rout in Chinese technology giants deepened on Thursday after the industry was hit with a fresh round of proposed regulations.
China’s Corporate Intervention Drives Investors to Industries Beijing Supports
The government corporate intervention in China that has hammered internet stocks is driving investors to sectors still in Beijing’s good graces.
Chinese Bond Swings Threaten Global Debt Investors
Policy moves in Beijing are hitting Chinese corporate bonds and rippling across global markets through the U.S. and European money managers who loaded up on the securities in recent years.
China Tech Stocks Rise as Analysts Turn Positive After Selloff
Chinese internet stocks rallied in Hong Kong on Tuesday after some brokers started to turn optimistic on the sector and said investors were making an attempt to find a bottom in prices after the recent selloff.
Meituan Shares Rebound After China Said to Near End of Probe
Meituan shares rallied in Hong Kong Monday following reports Chinese antitrust authorities may be wrapping up a four-month antitrust investigation into the food-delivery giant.
WSJ News Exclusive | China’s Antitrust Regulator Planning to Fine Meituan About $1 Billion
The State Administration for Market Regulation is preparing to impose a roughly $1 billion fine on food-delivery giant Meituan for allegedly abusing its dominant market position.
Tesla Rival Li Auto Launches $2 Billion Hong Kong Share Sale
Electric-car maker Li Auto kicked off a near-$2 billion stock offering in Hong Kong, joining a string of U.S.-listed Chinese companies in tapping investors closer to home.
China Tech Crackdown: Communist Party Policy Changes Behind $1 Trillion Selloff
China’s leaders have remembered something important — they’re Communists.
China Tech Selloff Resumes, Adding to Month of Huge Losses
Investors are reeling from drastic moves against the after-school tutoring sector, one in a series of government salvos.
China Orders Alibaba, Tencent, Meituan, Ant, ByteDance to Up Data Security
China ordered more than two dozen technology firms to carry out internal inspections as part of a campaign to root out illegal online activity.
Tencent, Meituan Dumped by China Traders Who Used to Buy on Dips
Chinese investors are turning against the nation’s technology giants, removing a pillar of support that helped the sector through previous market routs.
Beijing Gives Tech Investors a Brutal New Tutorial
Anyone who bought into Chinese internet stocks hoping for a bounce following the dramatic fall from grace of ride-hailing giant Didi has been taught another painful lesson this week.
Chinese Tech Stock Selloff Deepens
A selloff in Chinese technology stocks accelerated as investors unnerved by Beijing’s widening crackdown on internet companies and other industries sold down their holdings.
Meituan Stock Dives 15% After China Issues Food Platform Curbs
Meituan has shed more than $60 billion of its market value over two frenetic trading sessions, after Beijing unveiled sweeping reforms against private-sector companies that darkened the outlook for the world’s No 2 economy.
Meituan Chief Wang Xing Joins China’s Growing Ranks of Philanthropists
Company founder transfers $2.2 billion into a charitable trust that will focus on education and scientific research
Pinduoduo, Meituan Warned to Focus More on Consumer Protection
Shanghai consumer watchdog summons the tech platforms over a plethora of problematic behaviors
Unmanned vehicle and drone delivery will be common in 3-5 years: Meituan
Unmanned vehicle and drone delivery will be common in the future, said a chief scientist of Meituan, an industry giant in online food delivery, during the 2020 World Artificial Intelligence Conference.
How Shared Bikes are Being Reused in the PRC
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Xiaomi Co-Founder Lei Jun Donates $2.2 Billion of Shares to Charity
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Chinese Tech Stocks Jump After Tencent Gets Deal Approval
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Meituan makes the most of Didi woes with quiet relaunch of ride-hailing app
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In Depth: Covid-19 Might Be Make-or-Break for Meituan
As the pandemic has forced eateries to rely on takeout, they’ve decided they can no longer cope with the growing fees the platform charges
Meituan Projects 1st Quarter Loss and Revenue Drop Amid 2020 Uncertainty
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/PRNewswire/ -- Meituan (HKG: 3690) (the "Company"), China's leading e-commerce platform for services, today introduced a new, self-developed drone model and...
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Beijing Warns Meituan CEO to Stay Low-Key After Poem Furor
China’s government summoned Meituan’s Wang Xing to a meeting recently and warned him to keep a low profile, after the founder of China’s third-largest tech corporation last month posted a controversial poem that convulsed markets and sparked a social media furor.
Chinese lidar maker Hesai lands $300M led by Hillhouse, Xiaomi, Meituan
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China’s Emerging Tech Firms Grapple With Losses
The red ink is piling up at China’s emerging technology champions, as Meituan, Pinduoduo, Kuaishou spend heavily to spur new market segments.
China’s Tech Clampdown Is Spreading Like Wildfire
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China’s Tech Crackdown Is Cooling Hong Kong’s IPO Market
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Founder of China’s Meituan Donates $2.3 Billion Stake
The move by Wang Xing comes as Meituan and other Chinese tech giants have come under pressure from Chinese regulators.
Why China’s Most-Hated Internet Company Decided to Play Nice
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JD.com, Meituan and Neolix to test autonomous deliveries on Beijing public roads
People in a Beijing suburb will begin to see autonomous delivery mini-vans across their neighborhood, moving cautiously alongside human delivery riders belting down the streets. Beijing has greenlighted JD.com, Meituan and Neolix to trial self-driving delivery vehicles on designated public roads in the Yizhuang Development Area, an economic and technological growth pilot initiated by the […]
China’s Next-Generation Tech Firms Hit Hard by Market’s Pullback
Stock in former darlings such as Meituan, Pinduoduo and Kuaishou has dropped by more than one-third from highs reached earlier this year.
Poetic social media post costs founder of China’s Meituan super app $2bn
Investor reaction to ancient verse underscores fears over Beijing’s tech crackdown
China Orders Didi, Meituan to Rectify Ride-Hailing Abuses
China’s antitrust watchdog ordered Didi Chuxing, Meituan and eight other leaders in on-demand transport to halt practices from arbitrary price hikes to unfair treatment of drivers, expanding a crackdown on the country’s internet giants.
Alibaba (BABA) Revenue Beats But Swings to Loss on Antitrust Fine
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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.
Shares of China’s Meituan Sink as Public Scrutiny Mounts
Investors have soured on the online delivery company’s growth prospects amid a broader crackdown on the country’s powerful technology sector.
Meituan loses US$16 billion in market value after founder’s blog post
Wang’s post, which has since been taken off the Fanfou social media platform – his de facto fan club, where he posted three times everyday on average for 14 years – raised eyebrows.
Meituan shares slide after chief posts ancient poem
Words posted by Chinese tech giant’s boss interpreted as challenge to authorities and Xi Jinping
China orders fintech companies to stick to the rules as clampdown widens
The country's platform economy has grown rapidly and covers whole range of e-commerce activities ranging from banking to shopping and food delivery.
China Orders Tencent, ByteDance to Rectify Financial Operations
Chinese regulators imposed wide-ranging restrictions on the fast-growing financial divisions of 13 companies including Tencent Holdings Ltd. and ByteDance Ltd., leveling many of the same curbs employed against Jack Ma’s Ant Group Co. in a crackdown on the tech sector.
China opens an inquiry into Meituan, a takeout-delivery titan.
The inquiry, announced with a terse, one-line statement, is the latest move in China’s fast-moving campaign to rein in its internet giants.
China antitrust regulator launches probe of Meituan
Food delivery app investigated over exclusive sales deals with merchants
China Investigates Meituan For Suspected Monopolistic Practices
China’s government has expanded its antitrust crackdown beyond Jack Ma’s technology empire, launching an investigation into suspected monopolistic practices by food-delivery behemoth Meituan.
China’s Meituan Amasses $10 Billion War Chest for Drones and Driverless Cars
The company also unveiled a new generation of self-driving delivery cars that it said were smarter and safer than previous versions.
China warns 34 tech firms against excess in antitrust crackdown
Chinese authorities summoned 34 of the country’s biggest internet companies on Tuesday, including Tencent, Meituan and ByteDance, ordering them to learn a lesson from Alibaba’s case, and to conduct self-inspections to comply with antitrust laws.
JD Needs to Move Fast With Logistics IPO
Chinese e-commerce giant JD is looking to follow up on its healthcare unit’s successful IPO by listing its logistics unit. It had better move swiftly lest Chinese stocks lose more steam.
China fines group-buying platforms owned by Meituan, Pinduoduo over improper pricing
China fined on Wednesday five community group-buying platforms owned and backed by the likes of Meituan, Pinduoduo, Tencent Holdings, Alibaba Group and Didi Chuxing, citing "improper pricing behaviour".
Groceries Help Meituan Grow Into One of China’s Biggest Tech Companies
It has quickly become the country’s third-most-valuable internet company, with a market value of more than $300 billion.
Alibaba Probe Stirs Worry About What’s Next for Chinese Tech
Alibaba Group Holding Ltd. led a second day of frenetic selling among China’s largest tech firms, driven by fears that antitrust scrutiny will spread beyond Jack Ma’s internet empire and engulf the country’s most powerful corporations.
JD.com, Meituan, Didi, Bilibili are in Suzhou's digital yuan trial · TechNode
Suzhou lottery winners can spend their RMB 200 of the digital yuan at JD.com, Didi, Meituan, or Bilibili—or pay their Party dues.
Why China's Cracking Down on Tech Giants Ant, Alibaba, Tencent
China’s hands-off approach to the technology sector has minted billionaires and giant companies at a breathtaking pace. Now President Xi Jinping’s government is reining in the country’s most powerful corporations, including Alibaba Group Holding Ltd., Tencent Holdings Ltd and Didi Global Inc., along with their ultra-rich founders. The scrutiny is shaping up as one of the largest concerted actions against private enterprise in decades and raising the prospect that the leeway enjoyed by entreprene
Down $290 Billion, China Tech Investors Mull Nightmare Scenarios
With 22 pages of vaguely worded edicts, China has cast doubt on the future of its biggest internet companies and ignited a $290 billion equity selloff.
Meituan blocks payment via Alipay as rivalry intensifies · TechNode
The move highlights efforts from Meituan to fend off competition from Alipay, which is moving into the local services sector—Meituan's home turf.
Meituan is testing a group buying feature for food deliveries · TechNode
Meituan is taking a leaf out of Pinduoduo’s book by integrating social elements to its food delivery business hoping boost user engagement.
Missfresh racks up $495 million in funding as China’s e-grocery booms
The COVID-19 lockdown around the world introduced online grocery to many shoppers for the first time, boosting an industry that had long drawn skepticism. In China particularly, the older generations often worry about buying perishable food items without scrutinizing them in person. Still, venture investors are bullish on the future of online grocery. One beneficiary […]
China to Expand Digital Yuan Test to Tencent-Backed Meituan
China’s central bank is planning to test its digital currency on platforms operated by Meituan Dianping, enlisting the food delivery giant backed by Tencent Holdings Ltd. in a major step toward the token’s mass adoption.
Jack Ma Chieftain Simon Hu Lays Out Plan to Fend Off Tencent
Billionaire Jack Ma’s newest chieftain is accelerating Alipay’s evolution into an online mall for everything from loans and travel services to food delivery, in a bid to claw back shoppers lost to Tencent Holdings Ltd.
As Chinese listings 'migrate' from U.S. to Hong Kong, it could attract more than $500 billion to the city
Currently, companies listed in the U.S. can have a secondary listing on the Hong Kong Stock Exchange. But, before the latest rule change, they could not be included in the benchmark HSI.
Meituan Dianping Founder Wang Xing Boosts Fortune to $10 Billion
Meituan Dianping founder Wang Xing’s fortune has nearly doubled since his company emerged from the depths of China’s Covid-19 lockdown, cementing his place among a generation of the country’s most prominent tech entrepreneurs.
Meituan says Covid-19 effect to extend beyond Q1 losses · TechNode
Meituan Dianping reported first quarter losses that were smaller than expected, with its core food delivery business showing signs of rapid recovery.
Tencent-Backed Meituan Joins $100 Billion Club After Sales Beat
Meituan Dianping’s shares soared after it reported a smaller than expected 13% slide in revenue that drove hopes the world’s largest meal delivery business is starting to recover as China emerges from Covid-19 lockdowns.
Hong Kong Opens Door for Alibaba in Index Overhaul
Alibaba Group Holding and other Chinese technology companies appear set to join Hong Kong’s main stock benchmark, after the compilers of the city’s flagship Hang Seng index revamped their inclusion rules.
Meituan Rejects Claims It Exploited Restaurants During Virus
China’s largest food-delivery site Meituan has hit back against allegations that it charged onerous commissions to restaurants during the Covid-19 outbreak, underscoring the delicate balance the company must strike to get its business back on track.
Meituan challenges ecommerce giants with cosmetics, smartphone delivery
Meituan users can order a Huawei P40 on the app and have it delivered to their homes in an hour.
iPhone to your door: Chinese firms test super-fast phone delivery as coronavirus caution remains
Even though infection numbers have declined sharply from the peak in China, analysts warned that consumers are still cautious about going outside and so quick deliveries could be a way to reach them.
Meituan faces challenge from Alipay on its home turf · TechNode
Meituan faces a renewed challenge from Alibaba in local lifestyle market as Alipay drives users to in-ecosystem services.
Meituan is shuttering its cloud business · TechNode
Chinese food delivery and services platform Meituan Dianping is shutting down its public cloud service in order to retain focus on its core businesses.
China’s ecommerce giants deploy robots to deliver orders amid coronavirus outbreak
Meituan put its autonomous delivery vehicles on public roads for the first time, while JD.com and Ele.me are sending robots into quarantine areas.
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.
Super app Meituan promises prudence after Mobike bill hits home · TechNode
Rising costs for Meituan’s core food delivery business drove fourth quarter losses.
China’s Didi reportedly lost a staggering $1.6 billion in 2018 – TechCrunch
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 […]
