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    3690   KYG596691041

MEITUAN

(3690)
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Meituan : Chinese market regulator strengthens protection for food delivery workers

07/26/2021 | 11:09am EDT
Food delivery drivers pick up their parcels at a makeshift lunch hour distribution spot following an outbreak of the coronavirus disease (COVID-19) in Beijing

BEIJING (Reuters) - Food delivery platforms in China are being pushed to guarantee their workers with income above minimum pay, insurance and a relaxation in delivery deadlines, under a set of reforms announced on Monday by China's market regulator.

The guidelines were issued by the State Administration for Market Regulation along with six other administrative departments, including the National Development and Reform Commission, the Cyberspace Administration of China and the Ministry of Public Security.

Food delivery platforms in China, including Meituan and Alibaba's Ele.me, have attracted severe criticism on social media for their treatment of delivery workers, most of whom are not covered by basic social and medical insurance.

Meituan will "resolutely implement" the guidelines and continue to "effectively enhance labour rights," it said in a statement. Alibaba's Ele.me did not respond to a Reuters request for comment.

Meituan has been working with the government to purchase employment injury insurance for its delivery drivers, the company's chief executive, Wang Xing, said on a conference call in May.

Investors are worrying about the rising cost of employing riders by the platforms, Reuters had previously reported.

Meituan's Hong Kong-listed shares slumped nearly 14%, against a drop of 4.13% in the Hang Seng Index.

(Reporting by Sophie Yu, Yingzhi Yang and Tony Munroe; Editing by Peter Graff and Anil D'Silva)


ę Reuters 2021
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Analyst Recommendations on MEITUAN
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Financials
Sales 2021 182 B 28 156 M 28 156 M
Net income 2021 -19 401 M -3 006 M -3 006 M
Net cash 2021 65 443 M 10 140 M 10 140 M
P/E ratio 2021 -66,0x
Yield 2021 -
Capitalization 1 263 B 196 B 196 B
EV / Sales 2021 6,59x
EV / Sales 2022 4,78x
Nbr of Employees 90 540
Free-Float 71,1%
Chart MEITUAN
Duration : Period :
Meituan Technical Analysis Chart | 3690 | KYG596691041 | MarketScreener
Technical analysis trends MEITUAN
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TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 40
Last Close Price 206,05 CNY
Average target price 264,77 CNY
Spread / Average Target 28,5%
EPS Revisions
Managers and Directors
Xing Wang Chairman & Chief Executive Officer
Shao Hui Chen Chief Financial Officer & Senior Vice President
Heung Yeung Shum Independent Non-Executive Director
Xue Song Leng Independent Non-Executive Director
Gordon Robert Halyburton Orr Independent Non-Executive Director
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