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China’s Big Tech landscape continues to undergo seismic shifts, with video gaming and news portal NetEase overtaking food delivery giant Meituan as the country’s fourth most valuable listed technology company.
Meituan to bolster hiring of delivery drivers to cover an expected incease in orders as wintry weather strikes China.
Meituan aims to improve the operational efficiency of its retail businesses through technologies, such as artificial intelligence and drones.
Although the 44-year-old entrepreneur still boasts a net worth of $9.3 billion, Meituan's shares have witnessed a staggering 50% drop since January, including a sharp 12% decline on Wednesday.
‘We anticipate a revenue slowdown because management expects consumers to be more cautious and value-oriented,’ a Morningstar analyst says, as at least 30 brokers slash their 12-month price target by 10 to 49 per cent.