Food delivery couriers for Meituan Dianping stand with insulated bags during a morning briefing on a street in Shanghai, on November 29, 2020. Photo: Bloomberg
Food delivery giant Meituan eats US$300 million in losses to chase ‘best opportunity in five years’ as community group buying heats up
- Fierce competition in China’s community group buying market took a toll, as Meituan swung to a loss in the fourth quarter
- Both revenue and profit were up in 2020 even as consumer spending shifted online because of the Covid-19 pandemic
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Food delivery couriers for Meituan Dianping stand with insulated bags during a morning briefing on a street in Shanghai, on November 29, 2020. Photo: Bloomberg
