Lates News

Citigroup referred to the Meituan-owned food delivery brand Keeta as it successfully expanded to more cities in the past few months and continued to rank first in app store downloads in Saudi Arabia, gaining a considerable amount of orders and market share. Analysts, including Alicia Yap, stated in a report that Keeta's appeal may have impacted the performance of its Saudi peers. If Keeta can continue to maintain strong consumer momentum, it may catch up with or even surpass the second-ranked Jahez later this year. Jahez's gross merchandise volume (GMV) in the first quarter of this year has significantly slowed down. Meituan's management previously pointed out that Keeta's development in Saudi Arabia is smooth and the company expects to significantly increase overseas market investment by 2025 to drive growth and increase market share. Citigroup maintains a buy rating on Meituan with a target price of HKD 204.