---
title: "Hong Kong Stock Concept Tracking | Meituan initiates international expansion Organizational restructuring drives business development (with concept stocks)"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/214132848.md"
description: "Meituan's overseas version of food delivery, Keeta, has officially launched in Saudi Arabia, marking the first step in its international expansion. The company has unleashed the growth potential of various businesses through organizational restructuring, with core local business revenue expected to reach approximately 60.7 billion yuan in the second quarter of 2024, accounting for 73.8% of total revenue. New business revenue has increased by 28.7% year-on-year, and operating losses have significantly improved. Research reports from CICC and Citigroup both point out the resilience of Meituan's performance, expecting revenue and adjusted operating profit growth to exceed expectations this year"
datetime: "2024-09-12T05:32:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/214132848.md)
  - [en](https://longbridge.com/en/news/214132848.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/214132848.md)
---

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# Hong Kong Stock Concept Tracking | Meituan initiates international expansion Organizational restructuring drives business development (with concept stocks)

According to the Zhitong Finance and Economics APP, at 11:00 am on September 9th, Meituan's overseas version of food delivery, Keeta, will quietly launch in Saudi Arabia, marking its first international expansion outside of China.

According to the Keeta official website, Keeta is an independent brand of the retail technology company Meituan, focusing on food and consumer goods delivery services in international markets. It emphasizes global positioning and local operations, providing differentiated supply and customized delivery services based on user preferences in various countries and regions around the world.

The official website also includes content such as Keeta software downloads, merchant applications, and delivery personnel applications.

According to a report from China Business Network citing the company's financial report conference call, "organizational restructuring has unleashed the growth potential of various businesses." In the first half of this year, Meituan carried out a series of organizational restructuring for its core local business.

In the second quarter of 2024, Meituan's core local business segment achieved revenue of approximately 60.7 billion yuan, accounting for about 73.8% of total revenue.

In the second quarter of 2024, "Pinghao Fan" performed particularly well, with a peak daily order volume exceeding 8 million orders.

New businesses continue to reduce losses, and organizational reforms promote the operational efficiency of new businesses: Meituan's revenue from new businesses in the second quarter was 21.57 billion yuan, a year-on-year increase of 28.7%; the operating loss of new businesses was 1.31 billion yuan, a significant improvement from the 2.76 billion yuan loss in the first quarter.

A research report from CICC pointed out that Meituan's performance is resilient, industry competition is easing, second-quarter revenue increased by 21% year-on-year, surpassing the bank's and market expectations. The bank now expects Meituan's revenue and adjusted operating profit growth to be better than previously expected, with core local business revenue expected to increase by 20% year-on-year this year, mainly driven by the increase in advertising investment in food delivery and flash purchase businesses, while the total transaction volume of in-store goods will maintain a 35% year-on-year growth, driven by commissions and merchant advertising.

A report from Citigroup stated that the profit growth rate of mainland Internet stocks in the second quarter of this year exceeded the revenue growth rate, and that this quarter's revenue may fall short of expectations due to macro challenges and companies actively cutting subsidies to focus on quality returns, which in turn supports more companies in achieving stronger profit growth. Several companies significantly accelerated their buybacks in the second quarter, which helps reassure investors of management's commitment and supports confidence in future growth prospects. The bank pointed out that in the second half of this year, Tencent remains the bank's top pick among Chinese Internet stocks, and is also optimistic about Meituan, Ctrip's related services, and sees potential growth in Manbang, while considering Tencent Music as an attractive defensive investment following its recent stock price adjustment.

**Meituan-W (03690):** Organizational upgrades, traffic integration, deep cultivation of the industrial chain to assist growth, and the addition of a $1 billion USD repurchase quota boost market confidence. 1) Organizational restructuring and management optimization, based on vertical deepening, under the integration of the core local business sector in the previous period, the new business sector has further organizational adjustments recently, becoming flatter and more efficient; 2) Using the "Magic Member" as a carrier, connecting various businesses such as company-to-store and company-to-home, and creating a fully closed-loop transaction scene to enhance its local traffic conversion and contribution; 3) Deep cultivation of the entire local life chain, accelerating cooperation with merchants, supply chains, etc., actively innovating products to adapt to changes in consumer trends; 4) Cooperating with platforms such as Kuaishou for mutual benefit, assisting in sinking efforts

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