Food delivery is a serious business in China. A 30-fold growth in the market pushed the equity value of China’s largest on-demand delivery platform to $180bn in 2021, as pandemic lockdowns gave sales a boost. The prolonged slide in shares of Meituan since then seems overdone.Meituan’s Hong Kong-listed shares are down more than 80 per cent from their 2021 peak. Part of that is due to weak consumer spending growth amid an economic slowdown. But the bigger fear is the threat that Douyin — the original Chinese version of TikTok — poses to the industry as its food delivery service business expands faster than expected.
送餐在中國是一項不容小覷的業務。新冠疫情時期，隨著防疫封控措施提振銷售，這個市場猛增30倍，推動中國最大送餐平臺的股權價值在2021年達到1800億美元。美團(Meituan)股價自那以來的漫長下跌似乎有些過頭了。
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