Meituan CEO Takes Over Overseas Business as China Sales Wane

Bloomberg02-02

Wang Xing also takes drone delivery operation under his wingMeituan looking to drive abroad, shave costs as growth slowsWang Xing Meituan Chief Executive Officer Wang Xing is taking direct control of ...

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LSLi
02-02
LSLi
Oh no

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He also plans to integrate business lines that once operated relatively independently, such as research and in-store services, with the main Meituan platform. The units will jointly report to Senior Vice President Wang Puzhong after the consolidation, Wang said in an internal memo verified by a company spokesperson.Wang’s decision elevates the importance of Meituan’s international ambitions, while suggesting it’s looking to shave costs where possible. Meituan’s main food delivery business has slowed in recent months, as Chinese consumption has waned after three years of strict Covid controls. The Beijing-based company has been relying on its familiar subsidy-heavy strategy to draw in merchants and users despite the economic malaise, while making its first foray beyond mainland China with the “Keeta” service in Hong Kong.“There are currently many challenges both internally and externally,” Wang Xing wrote in the letter to employees. “At the same time, this is also an opportunity for the company to grow further.”In the short term, the company’s unlikely to make significant changes to its international business, as that would likely worsen cash flow, said Kai Wang, a senior equity analyst for Morningstar Asia. The integration of the core commerce units can be seen as an effort toward greater efficiency, “kind of like a coach changing the starting lineup to see better results,” he said.A Meituan Dianping delivery rider waits to pick up an order in Shanghai.Photographer: Qilai Shen/Bloomberg“Long-term competitive threats are still there, compounded with long-term margin pressure that limits the upside of the company,” Wang said.Meituan has ramped up investments in past years in newer initiatives such as grocery retailing, group-buying and live-streaming to fend off rivalry from upstarts such as ByteDance Ltd.’s Douyin. Wang’s move may streamline its operations and pool investment resources, lowering costs.The Beijing-based internet firm’s last major organizational restructuring was in 2017, when Meituan established its in-store business group under Zhang Chuan. Zhang will now lead Dianping, the company’s Yelp-like restaurant app, as well as its software-as-a-service operation, shared bicycles, and mobile power bank rental businesses, according to the memo.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":269839951900808,"gmtCreate":1706887984593,"gmtModify":1706887988781,"author":{"id":"3581293549512826","authorId":"3581293549512826","name":"LSLi","avatar":"https://static.tigerbbs.com/1cd86d2afeac545f926b9576638b55a9","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3581293549512826","authorIdStr":"3581293549512826"},"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/269839951900808","repostId":1136907413,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":2,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1136907413"}