Shen, 56, retired from that role owing to “other business commitments”, and there is no disagreement between him and the Beijing-based company’s board, according to Meituan’s filing to the Hong Kong stock exchange on June 14. Known as China’s venture capital “godfather” for his investments in some of the country’s most successful internet companies, Shen … Read more
Xue Kan, the Communist Party secretary for Yangpu, once known for its heavy industries, told reporters at a media briefing on Friday that the district is trying to achieve a “cluster effect” by fully mobilising capital, talent and technologies to drive innovation and bolster the local economy. “We are pursuing the creation of 12 industrial … Read more
China’s biggest food delivery platform is seeing a trend: more spending on experiences. “More and more consumers are willing to allocate a larger portion of their budget to travel,” Wang Xing, CEO of Hong Kong-listed Meituan , said Thursday during a first-quarter earnings call, according to a FactSet transcript. “Their demand is not only growing, … Read more
Meituan, China’s biggest on-demand services provider, on Thursday reported a higher-than-expected 25 per cent year-on-year increase in first-quarter revenue, boosted by gains from its core local commerce operations led by food delivery. The Beijing-based company posted revenue of 73.3 billion yuan (US$10.1 billion), up from 58.6 billion yuan in the same period last year, as … Read more
The latest milestone achieved by KeeTa shows how Meituan’s first foray outside mainland China has started to pay off, as the company last year saw local consumption recover in its home market amid increased competition. A KeeTa delivery rider promotes the Meituan-owned food delivery platform in the streets of Mong Kok during the app’s local … Read more
ByteDance, owner of hit short-video app TikTok and its Chinese sibling Douyin, has internally disclosed 61 misconduct cases involving employees who were fired or charged by authorities for accepting bribes, leaking data and claiming expenses inappropriately, among other wrongdoings. Four employees were detained or released on bail, including former Douyin worker Lu Yang, who accepted … Read more
The company’s foray into Riyadh will pit Meituan against local rivals including Jahez International Co, Delivery Hero’s Talabat and HungerStation and Uber Technologies-backed Careem. The move comes as Saudi Arabia, already the region’s biggest economy, devises plans to invest trillions of dollars to become a tourism and commercial hub. The skyline of Riyadh, the capital … Read more
ByteDance’s profit surged roughly 60 per cent in 2023, outpacing the growth of online peers Tencent Holdings and Alibaba Group Holding, in a sign of the TikTok owner’s resilience in the face of an economic downturn. Earnings before interest, tax, depreciation and amortisation jumped to more than US$40 billion from about US$25 billion in 2022, … Read more
China is falling short of matching the United States in artificial intelligence (AI) advances because the nation’s efforts are “littered with many essential challenges in theory and technologies”, according to a recent slide presentation made to Chinese Premier Li Qiang. Those difficulties were pointed out to Li during his recent inspection tour of the Beijing … Read more
Alibaba Group Holding is partnering with US-sanctioned Huawei Technologies to develop native versions of the e-commerce giant’s apps for the smartphone maker’s operating system HarmonyOS, which is meant to take on Google’s Android and Apple’s iOS in mainland China. Eleven applications under Alibaba Group – including second-hand trading platform Xianyu, online travel platform Fliggy, courier … Read more
