1979
Wang Xing was born in February 1979 in Longyan, China, and his father owned a cement factory.
“So Xing grows up, you know, in this sort of new middle class, upper middle class family. And in middle school, he gets interested in computers”
Topic
Meituan
19 facts from 3 episodes, in date order. These are what speakers said on the shows, each linked to the moment it was said. They aren't independently verified.
2010
Meituan raised $12 million from Sequoia China in early 2010 and about $50 million from Alibaba in early 2011.
“So right off the bat, they raised $12 million from Sequoia, China when they launched in early 2010.”
2011
Roughly 5,000 Groupon-style companies existed in China at the peak of the so-called thousand Groupon war around 2011.
“There were there were 5,000 companies at one point, 20 to 30 new Groupon clones getting started every single day in China”
2014
In May 2014 Meituan raised $300 million from Alibaba, Sequoia and General Atlantic and launched food delivery in 100 cities.
“So in May of 2014, Meituan goes out, Wang Xin goes out and raises $300 million from Alibaba, Sequoia, his existing investors, and General Atlantic”
2015
Meituan and Dianping announced their merger on October 8, 2015, two months after Ele.me raised $630 million.
“On October 8th, 2015, the announcement of the century.”
2015
Alibaba sold its entire stake in the merged Meituan-Dianping for $900 million and invested $1.25 billion in Ele.me for a 25% stake.
“So Alibaba sells their entire stake in Meituan Dianping for $900 million”
2018
Meituan went public in September 2018, raising about $3 billion at a roughly $50 billion market cap.
“They raise about three billion dollars at a 50 billion dollar market cap when they go public.”
2018
Sequoia invested around $400 million in Meituan and Dianping, whose shares were worth about $5 billion at the 2018 IPO, according to the hosts citing the Wall Street Journal.
“So according to the Wall Street Journal, Sequoia invested around $400 million into Meituan, Dianping, all of them over the years.”
2019
Meituan's food-delivery share rose to about 60% in 2018 and 67% in 2019 while Ele.me's fell to about 30%.
“Meituan now has 60% market share. Ulamath's down to 38%.”
2019
Meituan generated about $15 billion in revenue and $1 billion of operating cash flow in 2019.
“They do 15 billion dollars in revenue. They turn profitable. They do a billion dollars in operating cash flow.”
2020
Meituan's revenue fell 12% in the first quarter of 2020 because of COVID hitting travel and hotels, then rose 9% year over year in the second quarter.
“Q1 2020, their total revenue is down 12 percent across the company.”
2020
DoorDash had $2.9 billion in net revenue in 2020 after tripling, which the hosts compare to Meituan's roughly $15 billion in 2019.
“Even with that 3X in 2020, a year later for DoorDash, they did $2.9 billion in net revenue.”
2021
Meituan's market cap reached about $300 billion in February 2021, making it China's third-largest tech company behind Tencent and Alibaba.
“By February of this year, just a couple of weeks ago of 2021, hits $300 billion market cap”
2021
The hosts say Meituan holds about 46% of China's travel market, compared with about 20% for Ctrip.
“And Meituan has 46% market share of travel in China.”
2021
Online marketing services make up about 16% of Meituan's revenue, according to the hosts.
“So 16% of revenue is now the ads business that they've layered on top”
2021
Meituan had about 475 million transacting users and roughly 6.5 million merchants, with about 27 transactions per user per year, by the hosts' account.
“It's a huge number of users transacting with, I think, six and a half million merchants 27 times per year.”
2021
Alibaba invested in Xpeng and Meituan invested in Li Auto, and both are among three publicly listed Chinese EV makers alongside NIO.
“Alibaba also invested in Xpeng. And then Meituan invested in Li Auto, which are the three publicly listed Chinese EV companies.”
2021
Community group buying platforms franchise out their warehouses to local operators who must meet capital, building, vehicle and labor requirements.
“So they actually franchise out the warehouses. So you can go, for example, and become, like, a Meitwa and CGP warehouse pickup point, I guess.”
Undated
Alfred Lin says Sequoia's investment in Meituan in China allows learnings about delivery economics and scale to be shared with DoorDash.
“we are investors in Meituan in China, and there are a lot of learnings back and forth about what works, what doesn't”
Episodes