Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com, December 15, according to 36 krypton today quoting informed sources, Zhu Wenqian, head of Meituan's strategic investment overseas, visited the Middle East many times from October last year to the middle of this year. In addition to understanding local business policies, "the core thing is to investigate the competitive situation of the local takeout business."
According to reports, in May this year, Zhu Wenqian, together with Meituan CEO Wang Xing, Meituan Zhijia Business Group President Wang Puzhong, and other core executives visited the Middle East again and met with a number of Saudi royal family members and ministers. At one point in the middle of this year, Meituan tried to recruit HRD to form a Middle East team and considered placing the first pilot city in Riyadh, Saudi Arabia, but the move was later shelved, according to people familiar with the matter.
Another insider said that the reason for the shelving was "differences in high-level opinions." at present, Meituan has not yet decided on a pilot city to go to sea in the Middle East, and the specific business has not landed.
Reported that Saudi Arabia had previously announced a 30-year corporate income tax relief for companies that moved their regional headquarters to Riyadh. Insiders said the move was aimed at "robbing people and companies from other Middle Eastern countries, especially the United Arab Emirates".
The 36 Krypton report also said that Meituan allegedly considered Dubai as a priority pilot city in the Middle East because the corporate income tax rate in the United Arab Emirates is 9%, which is one of the lowest corporate income tax rates in the world. In addition, compared with the domestic market, the unit price of takeout customers in the Middle East market is higher, generally more than 200 yuan.
Because it has not yet landed, people familiar with the matter said that "there are internal concerns about whether the takeout order volume and growth rate in the Middle East market is worth doing, and whether it can make a profit in the short term." especially considering that takeout is a heavy offline, strong compliance and enforcement business.
According to previous reports by CTOnews.com, Meituan's revenue in the third quarter of 2023 was 76.47 billion yuan, compared with 62.62 billion yuan in the same period last year, an increase of 22.1 percent over the same period last year, and the market expects 76.009 billion yuan. Meituan Q3 made an operating profit of 3.358 billion yuan, an increase of 239.9% over the same period last year, and an adjusted net profit of 5.727 billion yuan, an increase of 62.4% over the same period last year.
In May this year, Meituan launched a new takeout brand KeeTa in Hong Kong. at that time, officials said that the densely populated Mong Kok and Tai Kok Tsui were the first phase of KeeTa pilot, and then the service would be gradually extended to the new area, which was expected to cover the whole Hong Kong by the end of the year.
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