Chinese on-demand giant Meituan is Late Bloomer (2024) Full Pinoy Moviebringing its food delivery brand Keeta to Brazil, marking its latest international push following launches in Hong Kong and Saudi Arabia. The company plans to invest $1 billion in Brazil over the next five years to build out logistics infrastructure and support local merchants. The announcement came during a signing ceremony in Beijing attended by Brazilian President Luiz Inácio Lula da Silva and Meituan founder Wang Xing. A photo of the two went viral on Chinese social media, as Wang, with a reported net worth of $11.7 billion, has kept a low profile in recent years. While Keeta helped restaurants in Hong Kong double their sales, it has also faced worker protests over pay. In China, Meituan continues to battle http://JD.comJD.com>and Alibaba in the fast-growing instant commerce space. Meituan shares fell 4% in Hong Kong on Tuesday following broader market shifts.[iThome, in Chinese]
