Although this figure is half of 2016’s net loss of $830 million, the loss still makes for a very significant amount of money. Meituan did not immediately respond to a request for comment. Then in 2015, it merged with Dianping – the Chinese equivalent of Yelp – to become a one-stop app that offers a plethora of services: from getting a taxi, purchasing flight tickets, ordering food delivery, to booking movies. We’ve emailed your gift link. Meituan Dianping Meituan is the world's leading on-demand food delivery service provider. Check your inbox for instructions to reset your password.
overall losses Also Read Meituan Dianping: The One-Stop Super App in China Written by David Henriques App, dianping, meituan China Digital, Social Media Living in China, there are certain apps that are unavoidable; Tencent’s WeChat is one, the other being Meituan Dianping. However, its IPO filing revealed a US$2.8 billion loss for 2017, steeper than in the previous two years. (You may have entered a different email than the one you’re logged in with). Like what you read? In an interview with Caijing Magazine last year, founder Xing broke down China’s food delivery business scene with his “4321” theory: When a new opportunity appears, a pile of people rushes in. Congratulations. This new entity was valued at US$15 billion at that time. Meituan-Dianping’s valuation has since doubled to US$30 billion in a fundraising round last year, which includes investors like Sequoia Capital, Singapore sovereign wealth fund GIC Private Ltd., Canada Pension Plan Investment Board and Trustbridge Partners. "An article from The Ken has become an intrinsic part of my daily news diet.".
Sign up to get started. In its quest to become a holistic app, Meituan-Dianping has moved into the bike-sharing sector with a US$3.7 billion acquisition of China’s largest bike-sharing company Mobike, whose main rival is the Alibaba-backed ofo. overall losses You can still sign-up for a free account with us.
It’s usually the BAT (Baidu, Alibaba, Tencent) plus the winner among the startups — for instance, this is the situation that [Chinese news aggregator] Jinri Toutiao is facing today. Despite Covid-19, Hong Kong-listed Meituan Dianping has reported promising financial results for the first quarter of 2020, Southeast Asia is a “follower market”, and Meituan would be a great model for aspiring super apps Grab and Gojek, But the cultural diversity in Southeast Asia is proving to be the main hurdle. It’s no China. Latest news and trends about tech in China. Download the Ken App and unlock the full potential of The Ken. It is aiming for a US$60 billion valuation with the IPO – double its valuation now – but it may have difficulty reaching that target as the company is still losing money and relies on cash-burning business model to boost growth.
Before these companies merged to create the current super app in 2015, Beijing-based Meituan enjoyed widespread popularity in second and third-tier cities, while Shanghai-based Dianping took …
We have received your request to post comments. Sign in to get started. The merger also brought two of China’s top investors together. You’ll also receive one email every morning from us introducing the day’s story. Access to older free stories from Southeast Asia edition, 200 word summaries for all paid, subscriber-only stories. You can also login using your Google or Facebook account. On 25 May, the day after its quarterly financial results came out, the Chinese super app’s share price on the Stock Exchange of Hong Kong was up 10%. Read more Deepak Shahdadpuri has unlocked this article for you. Spread the love. One free story every week.
10: Meituan, the Super App that Won Against a Thousand Clones This week on TechBuzz China by Pandaily, co-hosts Ying-Ying Lu and Rui Ma tell you how Wang Xing, the legendary Chinese serial entrepreneur who started out with “copy to China,” is now standing behind one of the largest unicorns in the world, Meituan-Dianping. The invites ran out here too.
201431998C. Before they merged, Meituan has been popular in second and third-tier cities, while Shanghai-based Dianping was more prevalent in first-tier urban centres. widen 32% year-on-year to 1.7 billion RMB (US$240 million) between January-March 2020. By continuing to browse our site you agree to our use of. The Ken has added you as a partner. Gives you all you need to know in a non traditional language both concise and to the point.
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Also, do keep an eye out for our exclusive subscriber-only iOS and Android apps which will be rolled out for you shortly. Enter the email address that you’d like us to send this payment link to. Now the rapidly-growing Meituan, together with ride-sharing firm Didi Chuxing and media startup Bytedance, which runs the popular Toutiao news app, is collectively known as China’s TMD companies – an acronym for a generation of up-and-coming challenging the country’s tech trinity of Baidu, Alibaba and Tencent. Get a free story every week, and unlimited access to all the free stories we’ve ever written. The results showed Meituan’s Invite your friends and colleagues to read The Nutgraf. But this is not a stable structure so four will turn into three, and three into two, just like what happened when Baidu Takeaway exited [the food delivery competition]. China’s tech scene has long been dominated by giants like Baidu, Alibaba and Tencent, but the status quo is set to change with the rapid growth of Meituan. Automatic payments successfully cancelled. What Meituan wants to do is expand horizontally, and we are not afraid to step into other areas. Verification Code has been sent to your Email address. Meituan-Dianping breaks down into two major companies, Meituan.com and Dianping.com.
This is the third time that Meituan has blocked Alipay after two instances in 2016 and 2018. You’ll hear from us soon. While Meituan was backed by Tencent, its rival Alibaba had invested in Dianping.
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