Meituan

China’s food-delivery giant Meituan swung to a deep quarterly loss, as a costly battle with Alibaba Group Holding’s instant commerce business eroded margins and kept revenue growth modest. The Beijing-based company on Friday reported revenue of 95.5 billion yuan (US$13.3 billion) for the three months to September, up 2 per cent year on year, missing analysts' estimates of 97.5 billion yuan. However, it booked an operating loss of 19.8 billion yuan, compared with a 13.7 billion yuan operating...

Chinese e-commerce giant JD.com has opened a new front in China’s intensifying on-demand local services war, rolling out a stand-alone food-delivery app and a “JD Review” platform for what it says are genuine, non-commercialised user ratings, in a direct challenge to Meituan and Alibaba Group Holding-backed services. The twin launches mark JD.com’s latest attempt to claw back relevance in instant commerce, a fast-growing segment where Meituan and Alibaba have consolidated dominant positions,...

Meituan expects to raise US$3 billion from a dual-currency bond offering, as the Chinese on-demand delivery giant looks to bolster its war chest to stave off the challenge from rivals led by Alibaba Group Holding and JD.com. The Beijing-based company will offer US$1.99 billion in greenback-denominated bonds and 7.08 billion yuan (US$1 billion) of notes in the local currency, according to its statement to the Hong Kong stock exchange on Wednesday. Meituan said it had signed an agreement with...

Meituan plans to raise around $3 billion in what would be its largest regular bond issuance ever, as the company faces intensifying competition in China’s food delivery market.