Yahoo Finance Meituan Said to Mull First Global Push as China Growth Slows
(Bloomberg) -- Chinese food delivery titan Meituan is studying an expansion into Hong Kong and international markets as domestic growth slows, according to people familiar with the matter.
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Tony Qiu, an executive hired from Kuaishou Technology earlier this year, will lead Meituan’s international efforts, said the people, who asked not to be identified because the information isn’t public.
The company will first attempt to break into the Hong Kong food delivery market, the people said. Plans are still at a preliminary stage and could change, they said.
Meituan didn’t respond to an inquiry seeking comment outside of regular business hours.
There was speculation about the Beijing-based company’s ambition to expand into international markets when Qiu’s hire was reported in July. Growth in the Chinese market has slowed for almost all of the country’s biggest consumer tech firms as the economy lost steam and the government’s increased scrutiny on big tech left limited space for future expansion at home. Chinese e-commerce platform Pinduoduo recently also made its first overseas push in the US.
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