Latest news with #Meituan
South China Morning Post
a day ago
- Business
- South China Morning Post
China's top market regulator summons Alibaba, Meituan, JD.com over delivery price war
China's State Administration for Market Regulation (SAMR) on Friday summoned major online food delivery platforms – Alibaba Group Holding 's Meituan , and – urging them to engage in 'rational' competition amid a prolonged price war. The meeting aimed to 'further regulate promotion behaviours, encourage rational competition, and foster a healthy ecosystem and win-win situation for consumers, merchants, delivery riders, and platform operators', the regulator said in an announcement. Alibaba owns the South China Morning Post. The SAMR said those companies must adhere to e-commerce, anti-unfair competition, and food safety laws, and must take on their responsibilities. In a separate meeting on the same day, the regulator addressed food safety concerns related to live-streaming e-commerce. It said that some food items sold during recent live-streamed sessions contained excessive food additives or pesticide residues. Representatives from various live-streaming platforms and influencer agencies attended that meeting, although the SAMR did not disclose any names.
Forbes
2 days ago
- Business
- Forbes
China Market Update: Hong Kong Higher, Regulators Comment On Instant Commerce, Week In Review
CLN Asian equities ended the week largely higher overnight, as Hong Kong and Australia outperformed, while India underperformed. Positive momentum is driving the Hang Seng, Hang Seng Tech, Shanghai, and Shenzhen indexes higher as growth stocks and subsectors outperformed. Hong Kong was led higher by Alibaba, which gained +2.93%, Tencent, which gained +0.39%, Xiaomi, which gained +1.51%, and Meituan, which gained +1.43%. It was a broad rally as electric vehicles did well, including NIO, which gained +4.63% on its new model release, BYD, which gained +2.1%, and CATL gained +5.61%. Nonferrous metals, oil, insurance, and technology hardware also had positive performance. The most important news came out after the close as the State Administration for Market Regulation (SAMR) announced that it had 'carried out administrative interviews and required takeaway platform enterprises to compete rationally'. SAMR met with which is owned by Alibaba, Meituan, and The agency urged the companies to 'strictly abide by the laws and regulations such as the e-commerce law' and the Anti-Unfair Competition Law. UBS is predicting the restaurant delivery war between Alibaba, Meituan, and will peak in August. The consequence will be higher revenue year-over-year (YoY) in Q2 financial results, though net income is going to plunge, as Meituan's net income is predicted to fall by -27% YoY, Alibaba -5% YoY, and -42% YoY. Mainland investors bought a net $755 million worth of Hong Kong-listed stocks and ETFs today via Southbound Stock Connect. Southbound Stock Connect volume as a percentage of Hong Kong turnover has declined indicating that maybe, just maybe, foreign investors are starting to notice the rally. A US-China trade deal would be a significant catalyst, in my opinion. Mainland China had a good day as healthcare stocks kept their positive momentum, along with beverages, non-ferrous metals, and the chemical industry. The Ministry of Industry and Information Technology (MIIT) held a press conference focused on ten industries' growth and 'adjusting structure, optimizing supply and eliminating backward production capacity.' Industries in focus include steel, non-ferrous metals, petrochemicals, and building materials. AI, along with copper, aluminum, and gold, were cited as focus areas as well. The South China Morning Post wrote today that some speculate further 'anti-involution' policy direction could come from the month-end Politburo meeting, though we do not know the exact date yet. Nvidia's Jensen Huang met with the Ministry of Commerce's Wang Wentao on the China AI opportunity. Huang also met with the founder of privately-held AI startup Minimax, a private company valued at $4B based on recent financing details, Yan Junjie. Unitree Robotics, known officially as Hangzhou Yushu Technology, filed paperwork with the CSRC, indicating a path to an IPO that revealed founder Wang Xingxing owns 23.8% of the company. The National Development and Reform Commission (NDRC) held a press conference on incentivizing foreign companies to invest in China, with an emphasis on capital markets. The People's Bank of China (PBOC), China's central bank, will release its decision on the Loan Prime Rate (LPR), which helps set mortgage rates, on Monday, though most expect no change at this time. Live Webinar Join us on Tuesday, July 22, 10:00 am EDT for: China Mid-Year Outlook: Trade Deal Loading, Consumption & Innovation Locked In Please click here to register New Content Read our latest article: KraneShares KOID ETF: Humanoid Robot Rings Nasdaq Opening Bell Please click here to read 1 Chart1 Chart2 Chart3 Chart4 Chart5 Chart6
Business Times
2 days ago
- Business
- Business Times
China venture capital funds tap global investors for US$2 billion in comeback
[BEIJING] China's largest venture capital houses are tapping the market for at least US$2 billion in new funds, re-engaging with the country's startups in a signal of renewed global investor interest in areas from AI to toys. At least six of the country's most prominent VC firms are creating new US dollar-denominated funds, designed to allow overseas investors to pool bets on Chinese companies. LightSpeed China Partners, known for backing Meituan and PDD Holdings in their early days, is targeting at least US$400 million for a fund focusing on deep tech, according to people familiar with the matter. Monolith Management, which backs DeepSeek-rival MoonShot AI, is looking to start a second fund of at least US$265 million, according to people familiar, who asked not to be named because the matter is private. Pop Mart International Group-backer BA Capital is raising another US$150 million, the people said. Ince Capital, co-founded by former Qiming managing partner JP Gan, is seeking US$200 million, the people said. They join Qiming Venture Capital, which began raising an US$800 million fund earlier this year, Bloomberg News has reported. Together, they represent a wave of fundraising that has not been seen among Chinese VCs for years. It's unfolding as global investors reassess the country's startup landscape and broader economy, which are showing signs of revival after years of Covid-era stagnation and regulatory headwinds. Much of that resurgent interest can be traced to the rise of breakout AI stars like DeepSeek and Manus, which has galvanised local entrepreneurs. At the same time, brands such as Laopu Gold and Pop Mart – maker of the wildly popular Labubu collectibles – are winning both consumers and financiers. The pace of fundraising remains a far cry from the industry's peak, before China's 2020 Internet sector crackdown. Investors remain wary about the long-term outlook of the country, while US endowments have retreated due to troubles at home and concerns about geopolitical tensions with China, the people said. Washington remains extremely sensitive in particular to sectors like semiconductors and AI. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The fundraising plans are preliminary and subject to change, the people said. Representatives for LightSpeed China, Monolith, BA Capital and Ince did not provide comment on their fundraising. In public markets, Hong Kong has emerged as one of the world's busiest listing destinations this year, hosting US$33 billion worth of share sales from bubble tea chains and toy brands to electric vehicle suppliers. Candidates waiting in the wings include some of China's hottest large-language model makers and fashion giant Shein. That IPO surge is mirrored to some extent in private markets. Global sovereign wealth investors managing US$27 trillion in assets are increasingly bullish on China's tech sector because they do not want to miss out on the next waves of innovation, according to an annual survey by Invesco Asset Management. And more US investors including Benchmark and Capital Group have made exploratory trips to China in 2025. LightSpeed China, founded by James Mi, a former deals chief for Google's Asia operation, is one of several high-profile venture firms that helped seed China's modern tech industry. Monolith, co-founded by Tim Wang and HSG (Sequoia China) alum Cao Xi, has attracted enough interest to likely meet or surpass their target, the people said. The firm is deliberating a final target size. It closed a debut US-dollar fund at US$264 million in 2023, according to trade publication AVCJ. Cao is known for his early bets on Kuaishou Technology, Douyu International Holdings and Tencent Music. Other Chinese venture outfits considering raising funds this year include Xiaomi co-founder Lei Jun's Shunwei Capital, the people said. It's not immediately clear how much they may target. Source Code Capital, among the earliest backers of TikTok owner ByteDance, has also been seeking about US$150 million, people familiar said in February. Representatives for Shunwei did not provide comment on their fundraising. BLOOMBERG
Bloomberg
2 days ago
- Business
- Bloomberg
China VC Funds Tap Global Investors for $2 Billion in Comeback
China's largest venture capital houses are tapping the market for at least $2 billion in new funds, re-engaging with the country's startups in a signal of renewed global investor interest in areas from AI to toys. At least six of the country's most prominent VC firms are creating new dollar-denominated funds, designed to allow overseas investors to pool bets on Chinese companies. LightSpeed China Partners, known for backing Meituan and PDD Holdings Inc. in their early days, is targeting at least $400 million for a fund focusing on deep tech, according to people familiar with the matter.
The Standard
2 days ago
- Business
- The Standard
Meituan, Alibaba burn 16b yuan in weekend food delivery subsidy battle
A Meituan delivery worker walks among office towers in Beijing, China March 27, 2025. REUTERS/Florence Lo
