- of China meituan MPNGY MPNGY plans to restructure its driving service and reduce the number of employees working on the platform, according to CEO Wang Xing’s internal letter.
- The Alibaba Group Holding Limited BABA Rivale aims to reduce the resources dedicated to the service and transfer some of the service’s staff to other divisions, Reuters reports.
- Meituan’s main app offers services from food delivery to restaurant bookings.
- Meituan was relaunched as a standalone app in 2021 after regulators locked down the dominant player in the Chinese market DiDi Global Inc DIDYfrom registering new users.
- Meituan’s decision also comes as many of his tech peers are evaluating non-core businesses and cutting costs when the economy slows.
- Alibaba cut its workforce by around 19,000 in 2022 to save money. Alibaba, release over 4,000 Employees in the last quarter of the year.
- Price promotion: Meituan shares traded 0.94% higher at $18.31 premarket on the latest check Monday.
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