Douyin

With heavyweight Douyin encroaching on its market share, Meituan cannot afford to remain in autopilot mode.

In a message to all employees, Yu Yongfu, CEO of Ele.me, sought to quash the rumors before they escalate further.

The president of Meituan’s in-store business candidly discussed the company’s prospects in his new year’s message, addressing the challenges posed by competitors like Douyin.

With Meituan in the lead, Douyin posing a challenge, and other contenders striving to catch up, the jury is still out on the future state of China’s local lifestyle sector.

The Chinese on-demand shopping platform has maintained its leading position despite the arrival of a new competitor in the form of ByteDance-owned Douyin.

ByteDance joins the fray in the fast-fashion industry with a new clothing retail platform available on its Douyin app.

Under a new leadership team helmed by Chew, ByteDance-owned TikTok is no longer just a popular entertainment app but a revenue-generating business.

As the Beijing-based app factory hits a ceiling for revenue growth, it will have to seek funds from public markets.