Keeta, Meituan’s overseas expansion - Part 1: The Road to Riyadh
How Meituan became #1 in Hong Kong and #2 in Saudi Arabia in one year.
Contents
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Paid section:
Things that caught our attention
Introduction
As all eyes were on the domestic food delivery market in 2025 and Meituan had to contend with JD's market entry and Alibaba’s integration of Ele.me and Taobao, we might forget its battles elsewhere in the world. In Hong Kong, the Middle East and Brazil, Meituan has been rolling out its international version of meal delivery and even grocery delivery.
In the first quarter of 2026, we will publish several Meituan-related reports on its international expansion and recent initiatives in the home market. Meituan’s global moves will be presented in two Tech Buzz China reports. In this first report, we examine how Meituan selected markets and launched its Keeta brand in Hong Kong and the Middle East. In the second report, which will follow at the end of this month, we take a closer look at its launch in Brazil, developments in profitability, and the outlook for Meituan’s globalisation.
These two reports are compiled from seven interviews with experts close to relevant companies in the period July to November 2025, as well as reports in the Chinese tech media over the past three years that chronologically lay out the development of Meituan’s overseas business.
In this first report, the section on Meituan’s selection of markets and the way it became the market leader in Hong Kong is free to read. The sections on its expansion into the Middle East, which are primarily sourced from expert interviews, are available only to paid subscribers. Become a paying subscriber to unlock the full report and support our in-depth research into key China tech trends.
We hope you enjoy this research and wish you a healthy and happy 2026!
Ed Sander, Tech Research Analyst
International expansion: Choosing markets
Looking back at Meituan’s internationalisation journey, it initially attempted global expansion in the online travel agency (OTA) sector, but failed in the Hong Kong market. This was mainly because in-store services require higher levels of localisation and are relatively difficult to implement. Based on this experience, Meituan ultimately chose the more suitable on-demand service model for internationalisation, particularly its asset-light food delivery platform.
Until 2023, Meituan’s overseas business had focused on investments instead of self-operated businesses. In 2018 and 2019, Meituan invested twice in Indonesian Gojek, the leading super app platform in Southeast Asia, which offers services including taxi hailing, delivery (food, parcels, groceries), online payments, and financial services. Previously, they also participated in the $100 million financing project of Indian food delivery platform Swiggy. In 2023, Meituan also entered into a deep partnership with the global online hotel booking website Agoda to serve Chinese tourists. [1]
Wang Xing, Meituan’s CEO, has said on many occasions that “the company will maintain a cautious attitude when it comes to overseas business expansion.” Still, he also believes that “globalisation is an absolute necessity and a huge opportunity.” [1]
And in 2023, the time seemed ripe, and Meituan launched its international brand Keeta, headed by Qiu Guangyu, who now reports directly to Wang Xing. The project leader has been promoted to Meituan’s top management team, underscoring Keeta’s key role within the group’s overall structure.
Meituan explained that Keeta is taken from the English word “cheetah, " an animal famous for their fast running speed. [2] Last month, it unveiled Kiki, its Keeta brand mascot, continuing the Chinese tradition of using cute animals to represent brands. At home, it already had a kangaroo for Meituan Waimai and an elephant for Xiaoxiang (Little Elephant) Supermarket.
Source: Keeta LinkedIn
From October 2022 to mid-2023, Zhu Wenqian, head of Meituan’s overseas strategic investment department, visited the Middle East several times to understand local business policies and the takeout industry's competitive landscape. In May 2023, Zhu Wenqian, along with Meituan CEO Wang Xing, Meituan Daojia Business Group President Wang Puzhong, and several other senior executives, returned to the Middle East and met with members of the Saudi royal family and ministers. Meituan tried to form a Middle East team and considered placing the first pilot city in Riyadh, but then this move was shelved because of “differences of opinion at the top. [1]
The Middle East and North Africa are also the best-performing regions for Delivery Hero's food delivery platform globally, ahead of Europe and the U.S., accounting for one-third of its revenue. Compared with China, the unit price of food delivery in the Middle East market is higher, generally above $30 (Meituan’s 2023 Q3 food delivery AOV was $7). [1]
Meituan had considered Dubai a priority pilot city for its entry into the Middle East. For many years, Dubai, the capital of the United Arab Emirates (UAE), has been the first choice for Chinese companies to expand into the Middle East due to its more comprehensive infrastructure, higher per capita GDP, and a more favourable business environment. UAE’s per capita GDP in 2022 was $54,000, while Saudi Arabia’s per capita GDP in 2022 was be $30,000. [1]
The food delivery market in the United Arab Emirates was expected to reach $2.79 billion by 2026, with 5.5 million users, representing nearly 50% penetration. However, the internal concern regarding the UAE was whether the volume and growth rate of food delivery orders in the Middle East market were worth doing, and whether it could be profitable in the short term. Especially considering that food delivery is a business that emphasises offline, strong performance and execution. In China, by comparison, Meituan’s 2022 food delivery GTV had approached RMB 940 billion (~$135 billion), and the number of transaction users had reached 678 million. [1]
While the plans for the Middle East were shelved, Keeta launched in Hong Kong, chosen as the first overseas market because of its similarity to the mainland’s culture and dining habits. [1] When planning its international expansion, Meituan evaluated several potential regions before ultimately choosing Hong Kong as its first target market. This decision was primarily driven by the operational advantages of Hong Kong’s unique geographic location and policy environment.
In 2024, after a successful launch in Hong Kong, Meituan planned to expand into mature markets over the next 5 to 10 years, including Saudi Arabia, Kuwait, Qatar, and Oman in the Middle East, and the UK and Germany in Europe. Meituan prefers to expand its business in economically prosperous regions, avoiding market promotion and education in less developed areas.
Meituan has consistently maintained a steady, cautious expansion strategy in overseas markets. To support business expansion, Meituan began focusing on Japan, South Korea, Southeast Asia, and the Middle East and conducted in-depth research. Before entering a new market, Meituan typically conducts market research two quarters in advance, using questionnaires and on-site visits, to ensure thorough preparation. Regarding localised data collection, Meituan acquires information on payment systems and third-party fulfilment data before entering a market. Analysing payment times, user matching, and delivery service capabilities ensures adequate preparation for market entry.
From a market-structure perspective, Southeast Asia lacks a single economy of sufficient scale; aside from Indonesia, the market sizes of other countries are relatively small. While the food delivery industry in Southeast Asia is expanding, the overall economic situation and market penetration remain low. Currently, the total transaction volume of food delivery platforms in Southeast Asia is approximately $17 billion, with an annual growth rate of only 5-6%. Although Vietnam and Malaysia are performing relatively well, the Southeast Asian market as a whole remains fragmented. Differences in local cultures and delivery costs complicate operations. This fragmented market structure poses a real challenge to food delivery platforms like Deliveroo.
Significant differences in market characteristics across Southeast Asian countries also pose challenges for implementing localisation strategies. Singapore and Hong Kong share many similarities, while Indonesia has a large ethnic Chinese population, and Vietnam is experiencing rapid growth but is challenging to manage. The region already has major competitors like Grab and Shopee Food, with Grab holding a market share of 5:3 or 1:1 in some countries. Given this situation, Meituan needs to optimise its localisation strategy first before gradually expanding its business. Due to limited resources, Meituan can initially operate only in a few major cities.
In 2023, Meituan was rumoured to acquire Foodpanda, a Southeast Asian food delivery brand, but ultimately decided not to proceed with the acquisition. Meituan found that Foodpanda’s Southeast Asian business was tricky to make a profit, the unit price per customer was too low, and the order growth rate was slow.” [1]
Meanwhile, the development potential of mature markets like Japan and South Korea is relatively limited. Japan, in particular, has a very mature convenience store system, and its food delivery business relies heavily on existing market share, with minimal room for further growth. Deliveroo’s actual market performance in South Korea and Southeast Asia has been suboptimal. However, it’s worth noting that Deliveroo achieved its profitability targets in the Middle East, indicating that its business model remains viable under certain market conditions.
The development trajectory of the European market is different. Since 2015-2016, the food delivery markets in European countries such as the UK and Germany have been established by platforms like Delivery Hero and Deliveroo, laying a solid foundation for the market. In 2024, Meituan intended to expand into the European market, but it has not yet launched.
The Middle East offers significant market potential given its large population. Saudi Arabia alone has 36 million people, while the entire Gulf region has a combined population exceeding 50 million. Meanwhile, Middle Eastern consumers demonstrate strong purchasing power; the average order value for food delivery services in the region is four to five times that of Southeast Asia. In contrast, Southeast Asian business models, with their limited profit margins, struggle to generate quick financial returns. The Middle Eastern food delivery market, however, is already worth tens of billions of dollars.
The Middle East also plays a crucial role in China’s Belt and Road Initiative, and businesses entering the Middle Eastern market can help enhance China’s international influence. Furthermore, the Middle East is widely recognised as having vast emerging-market potential, making it an even more attractive investment destination. Also, the Middle Eastern food delivery market is mainly dominated by local platforms, most of which have been acquired by overseas capital, resulting in relatively weak overall competitiveness.
Hong Kong, due to its developed nature, is considered an ideal testing ground. Similarly, Saudi Arabia and other Middle Eastern countries possess strong economies, mature markets, and significant growth potential. This strategy aligns with Meituan’s overall policy of selecting developed, mature markets with high growth potential. This approach could positively impact Meituan’s long-term prospects in the Middle East, as it allows the company to test and refine its business model on a relatively small scale before scaling up successful practices in a broader market.
Following a thorough analysis of market size, competitive landscape, and political stability, Saudi Arabia was chosen as the top overseas expansion target. Saudi Arabia is the preferred market primarily due to its large size and a relatively favourable competitive environment. Saudi Arabia’s food delivery market has an annual transaction volume of $10 billion and a 8% yearly growth rate. Furthermore, Saudi Arabia’s “Vision 2030” strategy provides policy support for businesses, including investment incentives and tax breaks, which are highly beneficial for business development. Notably, Saudi Arabia’s digital transformation goals align closely with Meituan’s business operation model. Meituan would leverage its strengths in delivery and marketing to gradually expand its business in new markets.
Although Saudi Arabia is the largest single market, intense competition and a long market-penetration period have led companies to be more optimistic about expanding their businesses beyond Saudi Arabia. Uber Eats exited the Saudi and Egyptian markets in 2020, after taking a hard look at its “business metrics of delivery services in the competitive market”. [3] However, the economies of scale in the Saudi market can improve operational efficiency, and increased order density will lead to efficiency optimisation. Successful operational experience accumulated in the Saudi market will support rapid expansion in other markets.
The success achieved in the Saudi market provided valuable insights for the company’s expansion into other parts of the Gulf region. Between August and October 2025, Keeta expanded to Doha, Qatar (August 19th), Kuwait (September 15th) and two cities in the UAE, Dubai (September 27th) and Abu Dhabi (October 28th). It officially launched in Brazil on October 30th, beginning with pilot operations in Santos and São Vicente (more on this in part 2 of this report). [4] In March 2025, a Keeta employee told Rest of World that Egypt was another location under consideration for further expansion, but it has not yet launched. [3]
Keeta launches in Qatar. Source: Keeta LinkedIn
The perception of Latin America as a crucial strategic node, coupled with the trend of Chinese companies expanding their global business influence, also prompted Meituan to make this internationalisation decision. While Latin America is also an essential part of the Belt and Road Initiative, current strategic planning leans towards the Middle East due to its more compatible policy environment and development prospects.
According to Meituan’s calculations, Brazil ranks fourth in the global food delivery market, with a 20% growth rate and a merchant commission rate of up to 27%. In the long run, this market has considerable profit potential. Brazil’s overall market size is larger than that of the Middle East, accounting for 8% of the global food delivery market, while the Middle East accounts for only 5%, ranking fifth globally. Nevertheless, the Middle East market is expanding faster and is expected to achieve profitability sooner than Brazil.
Meituan’s strategy is to capture market share through meticulous management and subsidy policies, and to solidify its position through algorithms. As a testing ground for Meituan’s international expansion, Keeta currently focuses primarily on the Middle East and Latin America, and may expand to Southeast Asia and other regions in the future.
The Conquest of Hong Kong
While meal delivery gained popularity in Hong Kong during COVID, it accounted for only 8.3% of the catering market, far behind the 21.9% share in mainland China. In 2020, due to the pandemic, it reached 2 million, but it remained flat year-on-year in 2021. The user penetration rate of food delivery platforms in Hong Kong was only 20% in 2017. From 2019 to 2021, due to the pandemic, it increased but remained below 30%, compared with more than 50% in mainland China. In 2022, the penetration rate declined year over year. [2]
Hong Kong’s small city size, high labour costs, citizens’ habit of eating out, and the convenience of dining out all constrain the growth of the food delivery industry. In addition, high prices, unreliable delivery, and limited supply options were pain points that the two existing food delivery platforms in Hong Kong, Foodpanda and Deliveroo, had not addressed effectively. [2]
Among the three food delivery platforms in Hong Kong, Foodpanda, Deliveroo and Uber Eats, Foodpanda had the largest market share of 51%, with about 1,273,300 active users, much higher than the other two platforms, and its services cover more than 7,000 restaurants. [2] Deliveroo, one of the three major food delivery platforms in Hong Kong, offered a diversified range of services, including food delivery and delivery from retail partners such as 7-Eleven. Foodpanda attracted customers with premium services, membership programs, and free delivery.
Deliveroo and Foodpanda had previously aggressively subsidised takeout orders, but after the subsidies ended, most people returned to dining at physical restaurants. With high labour costs and a dense restaurant scene in Hong Kong, especially in urban areas where restaurants are just downstairs, dining in or self-pickup costs were lower for consumers. [5]
Despite these challenges, Meituan’s food delivery business began planning its entry into the Hong Kong market in October 2022. It started recruiting for staff positions in strategy, business analysis, and user operations, with Hong Kong as the work location, and “international experience preferred” and “Cantonese and Chinese” as recruitment requirements. [2]
In February 2023, it was reported that Meituan would enter Hong Kong, and recruitment advertisements were placed for delivery riders, business channel managers and other positions. In April, some netizens discovered that Meituan was testing food delivery services in Hong Kong. On May 22nd, 2023, Keeta officially launched in Hong Kong. The Keeta Rider app had already been made available before that, and the first courier rider introduction meeting was held on April 4. [2]
Join now on the brand new food delivery platform, Meituan! Go online anytime for greater freedom, schedule orders and earn more, plus newcomer bonuses and extra rewards on every order – earn an additional $2500 for two weeks! Register now! (Source: Linkshop)
Keeta set up a customer service team based in the Greater Bay Area, rather than in Causeway Bay, where housing prices are high. [6]
Keeta captured 20% of the market share in the region within a month of landing in Hong Kong (the local food delivery platforms Foodpanda and Deliveroo had 64% and 36%, respectively). [1] In July 2023, Deliveroo replaced its head of Hong Kong, and Foodpanda followed suit in August with a promotional “Three Meals for $14” campaign. [7]
Keeta adopted a strategy of expanding new districts in Hong Kong month by month. The densely populated Mong Kok and Tai Kok Tsui areas were the first stops, and the program gradually expanded to new districts, aiming to complete coverage of Hong Kong by 2023. [2] Meituan primarily targeted young people and actively promoted its services to attract new users.
In July 2023, Keeta launched a voting feature in the app to prioritise expansion areas based on user votes. [5] As of September 2023, Keeta covered the entire Kowloon area and expanded to the other side of Hong Kong Island, opening services in Central and Western District, Wan Chai District and Eastern District. [1]
Meituan had not allocated many resources to Keeta (possibly because it was competing with Douyin in the domestic local services market and with Pinduoduo in community group buying) and had not set high expectations for it. Due to high delivery fees, slow delivery speeds, and the rise of offline catering, Hong Kong users were not very willing to use takeaway services. [1] Keeta covered nearly 50% of the population in the delivery area, excluding the southern district of Hong Kong Island and the entire New Territories. [5]
In September 2023, Keeta also launched a “Free Shipping for All” campaign, under which each user could enjoy free shipping on one order per day, with a maximum discount of HK$45 (~$5.75). This promotion was more generous and broader than the “Free Shipping on Thursdays, Fridays, and Saturdays” introduced by Keeta in July and the “Daily Half-Price Deals” launched in the app in August. [5]
In terms of discounts, Keeta launched a “billion reward” plan that included user coupons and special discounted meals co-launched with restaurants. For example, with coupons, Hong Kong citizens could eat a McDonald’s Big Mac set meal for less than HK$50 (~$6.50) with shipping. [2]
On September 20 2023, Keeta and Tan Zai San Ge Rice Noodles jointly launched a single-person meal. The single meal costs HK$29 (~$3.75) and includes no delivery fee. The original price of a single meal was HK$49.9 Hong Kong dollars, while the delivery fee would typically be $HK20-30. On the day the promotion launched, Keeta ranked first in the Hong Kong App Store's free app list. [6]
Keeta aimed to increase the average order value to HK$60-70 (~$8-9). Simultaneously, it focused on leveraging its fast delivery advantage to improve user satisfaction. Given price competition in the Hong Kong market, Meituan offered targeted subsidies on select products. Its services are primarily for Hong Kong office workers and students, offering daily dining options. While restaurant meals in Hong Kong typically cost HK$80- HK$100 (~$10-$13), Meituan offered more affordable options. Its strategy was to attract users by providing frequent, low-priced services, thereby increasing order volume and enhancing user loyalty.
By November 2023, Keeta had become the second-largest food delivery platform in Hong Kong, accounting for 30.6% of total delivery orders in the region, only behind Foodpanda and ahead of Deliveroo by nearly 3%, according to statistics from third-party platform Measurable AI. Keeta claimed to have around 10,000 merchants and reports an average monthly merchant growth rate exceeding 30%. [8]
In early 2024, Keeta launched a takeaway self-pickup service, following the examples of Deliveroo and Foodpanda. Consumers could choose driver delivery or in-store pickup when placing an order, but Keeta had partnered with select merchants to offer higher discounts for self-pickup takeaway orders. More than 1,000 restaurants offered discounts of up to 20% with no minimum spend. [9]
Source: Measurable AI [7]
According to Measurable AI, by March 2024, Keeta's order share had jumped to 44%, making it the takeout platform with the largest order volume in the Hong Kong market, surpassing Foodpanda (35%) and Deliveroo (21%). However, Keeta was not yet the first by GMV. [6]
In addition to free delivery, Keeta’s key strategy to become the number one app in Hong Kong by order volume was to optimise its product range. In the past, the average customer spend on Hong Kong’s major food delivery platforms, Foodpanda and Deliveroo, was typically between HK$100 and HK$200 (~$13 - $26), and orders were mainly for multiple people rather than single consumption. Keeta added a single-person meal and engaged with international brands such as McDonald’s to enable them to offer a discounted all-inclusive package at HK$30-60 (~$4 - $8). The takeaway price is the same as, or even lower than, dine-in, to expand scale and user base. [10]
About 30% to 40% of Keeta’s orders in Hong Kong were discounted single meals. Some Hong Kong users used to order takeout only 2-3 times a month, but the lower takeout prices increased their frequency. But during the promotion, they ordered 5-10 times per month, and some people who didn’t order takeout also started placing orders. [10] Half of the single-meal users placed repeat orders. The most popular restaurant is McDonald’s, although specific order quantities were not disclosed. [5]
As of May 22, 2024, more than 2 million users had downloaded the app, indicating that nearly 30% of Hong Kong residents were already Keeta users. By mid-2024, more than 10,000 restaurants had opened, offering a variety of cuisines, including Chinese, Western, Japanese, Korean, and Thai. [6]
To address the delivery problem, Meituan initially advertised a maximum rider income of HK$35,000 (about $ 4,500), paid riders higher compensation per order, and lowered the rider threshold, allowing “infantry riders” with a Hong Kong identity to join and deliver food on foot. [1] Still, in May 2025, Keeta deliverymen in many districts of Hong Kong were dissatisfied with the platform’s reduction of unit prices and the implementation of priority dispatch and order-grabbing mechanisms. [11]
When it launched, Keeta implemented an on-time guarantee service. By mid-2024, the on-time guarantee rate was stable at over 98%, and the average delivery time was under 30 minutes. Some riders reported that, compared with the early stage of operations, delivery times had shortened significantly, while other food delivery platforms have increased their order remuneration. [6] In a test of food delivery platforms conducted by the Hong Kong Consumer Council, Keeta ranked highest in delivery performance, with its deliveries significantly more punctual than competitors’. [9]
One of Keeta’s advantages compared to its international counterparts was its more efficient delivery algorithm. According to calculations by Fangzheng Securities, as the number of users and orders increases, the average delivery cost could be reduced to HK$17 (~$2.20), down from around HK$30 (~$3.80) in 2023. In 2023, it was rumoured that Keeta had recruited hundreds of riders from Shenzhen to deliver meals in Hong Kong, possibly to proactively reduce delivery costs and improve speed. However, sources close to Meituan claimed this was unlikely due to policy restrictions. [5]
In mid-2024, Keeta attracted convenience stores such as 7-Eleven to join its delivery platform, as the firm sought to add more merchants and categories as part of its expansion efforts. 7-Eleven, which joined Keeta on 19 July, offered a range of hot food, snacks, and beverages while excluding non-food items for Keeta delivery. [12]
By August 2024, all three platforms were running new promotions weekly at a similar intensity. Deliveroo and Foodpanda, in particular, offered self-pickup for takeout orders, with no queuing or delivery fees. With coupons, prices can be as low as 60% off dine-in prices. [5]
One and a half years after entering the Hong Kong market, Keeta had doubled local takeaway orders from 150,000 to an average of more than 300,000 per day in early 2025. [10]
In April 2025, Deliveroo announced its withdrawal from Hong Kong after 9 years of operations. After Keeta had entered the market, Deliveroo’s order market share had continued to decline. Keeta targeted the demand for single meals, penetrated office areas, and heavily subsidised, and it took only one year to become the number one in the local order share. [13]
In Hong Kong, Keeta launched attacks on other platforms by relying on the “growth first, profit later” strategy. It required significant investments: higher salaries for deliverymen, lower commission rates for merchants signing contracts with Keeta, and higher subsidies and lower prices for users. [11] Still, at the earnings call in October 2025, Wang Xing announced that Keeta’s Hong Kong business had achieved profitability. Since May 2023, this milestone has taken 29 months, six months earlier than the initial expectation of “profitability within three years”. [14]
Hong Kong’s strategic goals for 2025 and 2026 are to maintain stable profitability while serving as an incubation platform for new business models and to accumulate operational experience for global expansion. The main businesses in Hong Kong include food delivery and self-pickup services. Plans are to increase resource investment in instant retail in 2026 and explore innovative models, such as in-store consumption services. Furthermore, the Hong Kong market will explore new avenues in international payment solutions and user profiling, while also testing various business models, including Keemart (see below), supermarkets, power banks, and hotels. Given the relatively small size of the Hong Kong market, companies are adopting a cautious operating strategy to validate the feasibility of the three-year development plan.
Still, Meituan considered Hong Kong ‘just’ a test to understand the entire chain, to go further overseas... [6]