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Meituan’s shares hit a record high on Tuesday, bringing its valuation to over $ 100 billion.

The Hong Kong-listed giant, which focuses on food delivery with smaller segments in travel and transportation, is the third Chinese firm to reach the landmark valuation. Tencent and Alibaba respectively topped the number back in 2013 and 2014.

Tencent-backed Meituan saw shares rally to HK$ 138 ($ 17.8) on Tuesday after it earmarked a smaller-than-projected decrease in revenue during Q1 and a net loss of 1.58 billion yuan ($ 220 million) after three consecutive profitable quarters.

While nationwide lockdowns might have increased the need for food delivery, Chinese consumers have been tightening their belt amid a worsening economy triggered by COVID-19. Overall food delivery transactions slid as a result. Meituan also had to pay incentives to delivery riders who work during the pandemic and subsidies to merchants to keep their heads above the water.

There’s one silver lining: While Meituan’s daily average number of transactions dropped by 18.2% to 15.1 million, the average value per order jumped by 14.4% as delivered meals, which were conventionally seen as a habit for office workers, became normalized among families that stayed at home. In the first quarter, a large number of premium restaurants joined Meituan’s food delivery services, and they could continue to attract bigger ticket purchases in the post-pandemic era.

All in all, though, Meituan executives warned of the uncertainties brought by COVID-19. “Moving on to the remaining of 2020, we expect that factors including the ongoing pandemic precautions, consumers’ insufficient confidence in offline consumption activities and the risk of merchants’ closure would continue to have a potential impact on our business performance.”


TechCrunch

Adam Neumann may be out of the daily flow of WeWork, but he seemingly remains top of mind to some of the company’s bankers.

According to a new Business Insider piece, Neumann is working with JPMorgan, UBS, and Credit Suisse to consider new terms for a $ 500 loan that he took out before WeWork filed to go public, and from which Neumann has already drawn down $ 380 million. Since he can no longer pay the loan with proceeds from selling WeWork shares publicly (it yanked its S-1 earlier this week), he may have to put up some of his properties or other assets as collateral for the loan, according to one of BI’s sources.

“No terms have been set,” a spokeswoman for Neumann tells the outlet.

Per earlier reports, Neumann has plenty to offload if it comes to it, having acquired numerous residential and commercial properties over the years.

Among his reported investments is a $ 10.5 million Greenwich Village townhouse; a farm in Westchester, New York; a home in the Hamptons where he reportedly weathered the storm with his family ahead of resigning as CEO last week; and a $ 21 million, 13,000-square-foot house in the Bay Area with a guitar-shaped room.

According to an earlier WSJ report, Neumann has also bought several properties through investor groups that he had leased back, in some cases, to WeWork.

WeWork, and Neumann, have both enjoyed a close relationship with JPMorgan in recent years. As recently reported in the NYTimes,  JPMorgan “lent Mr. Neumann money personally (with his inflated shares as collateral), provided equity and debt for the company, served as a corporate adviser for the I.P.O. and secured nearly $ 6 billion in financing as part of the now scotched offering.”


TechCrunch

On-demand video streaming giant Netflix, which is increasingly expanding its footprint in developing markets, now has a new competitor in Indonesia: Gojek.

The Indonesian ride-hailing giant on Thursday launched a video streaming service called GoPlay that features exclusive access to “hundreds of movies and TV shows” as well as snackable short clips. The streaming service is currently available only in Indonesia.

The service, which Gojek began testing with select users in June, focuses on local content, Edy Sulistyo, CEO of GoPlay said. Gojek, which was valued at $ 9.5 billion in its last financing round, said it has partnered with major local production houses such as Base Entertainment, Kalyana Shira Films, and Wahana Kreator for production of original titles. The firm said it has also tied up with some international studios to source foreign content.

“Despite a rise in demand for local content and a growing number of mobile audiences in Indonesia, access has still been limited especially for consumers living outside of urban areas. With GoPlay, we aim to enable all Indonesian consumers to enjoy high-quality on-demand entertainment at their convenience, while providing a platform for local content producers to showcase their creative work,” said Sulistyo in a statement.

Gojek is offering the video streaming service through two aggressively priced monthly plans: IDR 89,000 ($ 6.27), which offers access to the full catalog in HD; and IDR 99,000 ($ 7), which will additionally also provide users with access to GoFood delivery vouchers.

GoPlay will compete with a range of streaming services such as Netflix, iFlix, and Hooq. Netflix last year began testing a low-cost mobile-only plan in some developing markets including Indonesia to boost its presence in those nations. The global giant eventually launched the affordable tier in India earlier this year. A Netflix spokesperson told TechCrunch this week that it currently has no plans to expand the low-cost tier to other markets.

Like many other major firms in Southeast Asia, Gojek is increasingly bulking up its ride-sharing platform to enter additional categories. Today, it offers an online payments service and a gaming platform. The firm began working on its video streaming service last year after it set up an in-house content studio.

Grab, Gojek’s arch rival in Southeast Asian markets, and India’s Ola, have also expanded their offerings in recent years. While Grab, like Gojek, offers everything including a video streaming service, Ola launched a credit card in May.

Grab has a partnership with Hooq for its video streaming service. In the run up to GoPlay’s launch, Hooq CEO Peter Bithos told TechCrunch in an interview that Gojek lacks the reach Hooq maintains in Southeast Asian markets. “Gojek hasn’t been able to get to anything like the scale or reach that we’ve got,” he said.

About 125 million people in Indonesia, or half of the nation’s population, is currently online. Sulistyo said Gojek sees a lot of potential for GoPlay’s growth in the country.

Indonesia has emerged as one of the fastest growing economies in Asia in recent years. According to a study conducted by Google and Singapore’s Temasek, Indonesia’s internet economy is estimated to be worth $ 100 billion by 2025.


TechCrunch

Ride-sharing and transportation platform Didi Chuxing announced today that it has formed a joint venture with BP, the British gas, oil and energy supermajor. to build electric vehicle charging infrastructure in China. The charging stations will be available to Didi and non-Didi drivers.

The news of Didi and BP’s joint venture comes one week after Didi announced that it had received funding totaling $ 600 million from Toyota Motor Corporation. As part of that deal, Didi and Toyota Motor set up a joint venture with GAC Toyota Motor to provide vehicle-related services to Didi drivers.

BP’s first charging site in Guangzhou has already been connected to XAS (Xiaoju Automobile Solutions), which Didi spun out in April 2018 to put all its vehicle-related services into one platform.

XAS is part of Didi Chuxing’s evolution from a ride-sharing company to a mobility services platform, with its services available to other car, transportation and logistics companies. In June, Didi also opened its ride-sharing platform to other companies, enabling its users to request rides from third-party providers in a bid to better compete with apps like Meituan Dianping and AutoNavi, which aggregate several ride-hailing services on their platforms.

Didi says it now offers ride-sharing, vehicle rental and delivery services to 550 million users and covers 1,000 cities through partnerships with Grab, Lyft, Ola, 99 and Bolt (Taxify). The company also claims to be the world’s largest electric vehicle operator with more than 600,000 EVs on its platform.

It also has partnerships with automakers and other car-related companies like Toyota, FAW, Dongfeng, GAC, Volkswagen and Renault-Nissan-Mitsubishi to collaborate on a platform that uses new energy, AI-based and mobility technologies.

In a press statement, Tufan Erginbilgic, the CEO of BP’s Downstream business, said “As the world’s largest EV market, China offers extraordinary opportunities to develop innovative new businesses at scale and we see this as the perfect partnership for such a fast-evolving environment. The lessons we learn here will help us further expand BP’s advanced mobility business worldwide, helping drive the energy transition and develop solutions for a low carbon world.”


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