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2025-09-16 15:57:02 MEITUAN-W (03690.HK) opened 0.7% higher this morning (16th) and posted sharp gains in the afternoon, peaking at HKD101.8, up 4.6%, and last stood at HKD100.5, up 3.2%. Citi released a report stating that Meituan's international food delivery brand Keeta officially tapped into the Kuwaiti market yesterday (15th), just under a month after landing in Qatar on August 19. This demonstrated that despite the more fierce competition in the mainland market, Meituan remains very proactive in its overseas expansion and has not relaxed its efforts. Keeta has already stretched services to Saudi Arabia, Qatar, and Kuwait, and within a few months, it has expanded to over 20 cities in Saudi Arabia, becoming one of the leading food delivery platforms there. Keeta became the top “Food & Beverage” app in downloads on both iOS and Google Play in Kuwait on its first day of launch, the report wrote. It also continued to hold the top position in app downloads in Qatar and Saudi Arabia, showing strong user growth momentum in the Middle East market. Notably, Keeta has been the number one downloaded food delivery platform in Saudi Arabia for nearly a year, further evidencing its user stickiness and growth resilience. Looking ahead, the market forecast Keeta to enter the UAE by the end of the year and plan to pilot in 1-2 cities in Brazil in the coming months. Meituan's management had previously stated that the Middle East and Latin America are key areas for overseas expansion, with plans to invest USD1 billion in Brazil over the next five years, targeting coverage of 15 major metropolitan areas and 1,000 cities. Overall, Meituan aims to continue using Keeta as a vehicle to deepen its global food delivery market layout. Citi maintained a Neutral rating on Meituan with a target price of HKD133. ~ AASTOCKS Financial News Website: www.aastocks.com | |