Meituan (MPNGY)
- Bloomberg
Meituan Posts Widest Loss Since 2018 as China Headwinds Grow
(Bloomberg) -- Meituan reported its biggest loss in three years, weighed down by a bruising antitrust probe, an investment spurt and mounting competition from Alibaba Group Holding Ltd.. Most Read from BloombergBillionaire Family Feud Puts a Century-Old Business Empire in JeopardyAsia’s Richest Man Looks to Walton Family Playbook on SuccessionThe 24-Year-Old Aiming to Dethrone Victoria’s SecretAn Arab City’s Booming Art Scene Is Also a Grab at Soft PowerThe Winners and Losers From a Year of Rank
- Reuters
China's Meituan lowers outlook for its food delivery business
SHANGHAI (Reuters) -China's Meituan on Friday forecast a weaker outlook for its core food delivery business next year, after a 3.4 billion yuan ($532.24 million) fine pushed it to report its largest-ever quarterly loss in three years. Tencent-backed Meituan said last month it had been fined by China's market regulator https://www.reuters.com/legal/litigation/chinese-delivery-giant-meituan-handed-527-mln-antitrust-fine-2021-10-08 an amount that equated to 3% of its domestic sales in 2020 for abusing its market dominant position, marking the end of a investigation that begun in April. Meituan, whose services include restaurant reviews and bike sharing, has in addition faced economic headwinds as consumption in the world's second-largest economy slows.
- Bloomberg
ByteDance Is Seeking Capital for China’s Answer to Zillow
(Bloomberg) -- ByteDance Ltd. is in discussions with external investors on a cash infusion for its Zillow-like real estate listings and deals service, aiming to spin off and create an independent business that can tap the booming Chinese market.Most Read from BloombergChina Cash Flowed Through Congo Bank to Former President’s Cronies‘Pension Poachers’ Are Targeting America’s Elderly VeteransReliving the New York Subway Map DebateByteDance is seeking to raise funds and spin off Xingfuli -- loosel
