Rising costs for Meituan’s core food delivery business drove fourth quarter losses.
Company’s best short-term strategy is to direct users to its profitable services such as travel.
The law comes as concern mounts about the financial stability of a number of mobility firms in the rental economy sector.
Meituan’s Q1 results show that its more disciplined expansion strategy is paying off.
The partnerships help the company offer an expanded range of ride services to choose from for users in Beijing and Shanghai.
Li Shubin will become head of the Meituan app division, a key position for driving growth for the parent company.
China has been looking to reduce its reliance on foreign technologies amide escalating trade tensions with the US.
Didi’s struggles in the bike-rental market led to a launch of its own brand, Qingju.
The rental economy has permeated every aspect of life.
Luckin backer reloads for another round of startups.