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At MEITUAN-W Internal Meeting, CEO Eyes Grocery Retail, Internationalization, AI as New Focuses
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MEITUAN-W (03690.HK) CEO Wang Xing convened an internal communication meeting on the last day of February with staff graded directors or above, where every member of the group’s top decision-making body, the S-team, spoke, according to LatePost. As Meituan marks its 15th anniversary this year, Wang outlined that he will in his second decade as CEO focus more on three new directions, namely grocery retail, internationalization, and technology, beyond its core local commerce business. In terms of grocery retail, this covers self-operated fresh food retail and platform retail businesses, aligning with the long-term mission of "helping everyone eat better and live better". For internationalization, it refers to the overseas expansion of services such as food delivery, including Keeta, which has already tapped the Middle East market, and drones. Meituan aims for Keeta’s food delivery market to reach a scale of USD100 billion, indicating that its food delivery business cannot be limited to the Chinese market alone. In the technology front, Meituan hopes to seize AI opportunities to build a large-scale, comprehensive, in-depth, and ecologically healthy local commercial system. Among the three priorities Wang is anchoring, internationalization is advancing the fastest. Meituan’s overseas food delivery arm, Keeta, is swiftly expanding in Saudi Arabia and is considering foray into Kuwait and the UAE. The company’s outbound strategy prioritizes market size and growth potential, with plans extending beyond the Middle East to regions like Japan, South Korea, North Africa, and Latin America. To expedite expansion, Meituan is purportedly open to acquiring and revamping overseas platforms at reasonable prices. However, in markets it has already tapped, Meituan is unlikely to pursue acquisitions, opting instead to rebuild from scratch. In Saudi Arabia, Keeta is aggressively vying for market share with no upper limit on investment. AAStocks Financial News |
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