{"id":1541,"date":"2024-09-24T22:32:05","date_gmt":"2024-09-24T14:32:05","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=1541"},"modified":"2024-09-24T22:32:05","modified_gmt":"2024-09-24T14:32:05","slug":"%e7%be%8e%e5%9b%a2%e5%b0%86%e8%bf%9b%e5%86%9b%e6%b2%99%e7%89%b9%e9%98%bf%e6%8b%89%e4%bc%af%e5%b8%82%e5%9c%ba","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=1541","title":{"rendered":"\u7f8e\u56e2\u5c06\u8fdb\u519b\u6c99\u7279\u963f\u62c9\u4f2f\u5e02\u573a"},"content":{"rendered":"

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\u66f4\u591a\u4fe1\u606f\u8bf7\u89c1Bloomberg Opinion\uff1a<\/p>\n

\u9605\u8bfb\u66f4\u591aBloomberg Opinion\u6587\u7ae0\uff0c\u8bf7\u8ba2\u9605\uff1a
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\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>China's Meituan Is Heading to Saudi Arabia<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-23
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

\u201cGoing out\u201d is a major consideration among big Chinese corporations. Pressed by shrinking profit margins at home, China Inc. is keen to expand businesses abroad. The question is whether their chosen destinations make economic sense, and if they can adapt to a culture that might be very different from the \u201c996\u201d work schedule at home.  The latest adventure comes from food delivery giant Meituan. It has , a city in central Saudi Arabia, ahead of a widely-expected launch in the capital Riyadh. This is its first international foray outside greater China. The company is joining a growing fleet of businesses that see a bright future in the Gulf kingdom. In recent months, Chinese firms won multibillion-dollar contracts to build  and . In exchange for a $2 billion investment, PC maker Lenovo Group Ltd. is  there in a deal that is expected to create 15,000 jobs locally. And last but not least, Hong Kong\u2019s flagship airline Cathay Pacific Airways Ltd. will start a  in late October, pleasing Saudi officials who have been . Nonetheless, Saudi Arabia is a curious first choice for an ambitious consumer tech brand with a  that has recently  in Hong Kong. Why does Meituan want to go into a small market with only 35 million people?Perhaps it is seduced by the investment thesis that Saudi Arabia is \u201c,\u201d and that Crown Prince Mohammed bin Salman\u2019s \u201cSaudi Vision 2030\u201d will bring about the same kind of economic opening that Beijing began in 1978. For instance, Saudi Arabia\u2019s demographics can be perfect for food delivery apps. Now that more women are working \u2014 labor participation rose to about one-third from 20% in 2017 \u2014 families may have more disposable income but less time to cook meals. In addition, a more tolerant society and a young population almost necessarily translate into cravings for exotic food. International chains, such as Hakkasan Group\u2019s  and , are opening in Riyadh. On Meituan\u2019s Keeta app, one can order Chinese chili chicken for 37 riyal ($9.36). But more importantly, Meituan, whose shares have soared over 60% this year on solid sales growth and record high gross margins, needs to give investors a diversification strategy in case it  again. In 2021, the company was slapped with a $530 million anti-trust fine for using exclusivity arrangements to block restaurants from listing on other platforms. Perhaps because of its resounding success, some investors are worried the firm is \u201cover-earning,\u201d according to Bernstein Research\u2019s analyst Robin Zhu. Indeed, its tension with riders and small restaurants never quite went away. In August, a Meituan courier  a security guard at a residential complex for mercy after accidentally knocking down a fence in his rush to dispatch an order, thereby sparking protests and an outcry on social media. In China, labor welfare \u2014 and whether consumer tech companies are a force of good \u2014 remains a touchy political issue. Meituan certainly seems eager to prove its social value. A new report from the company shows that its riders working in major cities are , portraying gig employment as an alternative for people in between full-time jobs. Last month, . No doubt, the Saudi market will present new challenges to Meituan.  and  at the expense of non-locals are just a few examples. However, a few billion yuan of spending over the next few years will not dent Meituan\u2019s balance sheet. It also gives the company a good global expansion story to tell. Ironically, China Inc.\u2019s foray into Saudi Arabia is simultaneously optimistic and nostalgic. Many of us growing up in China in the 1990s remember the thrill upon the arrival of KFC and big Hollywood blockbusters in movie theaters. As such, Chinese business executives can easily be persuaded by Saudi\u2019s new investment thesis. They are simply reimagining China in Riyadh.   More From Bloomberg Opinion:  Want more Bloomberg Opinion?     . Or you can subscribe to     .<\/pre>\n
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