Another issue that is rising in China is tech apps taking over its rivals from the same backers. Recently, Meituan, a kind of Chinese technology that very few people out of the country understand is giving some serious competition to WeChat.
Tencent Holdings Ltd, the messaging giant app is the developer of WeChat and a key investor in Meituan and watching its siblings take over each other, is something that nobody wants.
Meituan has grown very popular in China. It has a restaurant review feature like that of Yelp (San Fransisco based review MNC), while its app also lets users order food off the menu from phone. Even to pay, users don’t have to leave the Meituan app.
This is the reason why its giving serious competition to Tencent’s WeChat. the startup is already the world’s fourth-most valued and threatens the very existence of Tencent and Alibaba Group Holding’s duopoly in the country.
Valued around $30 billion, Meituan is led by a 38-years-old Wang Xing, the inveterate entrepreneur who is leading the startup and taking it beyond restaurant reviews, food delivery and cab hailing services.
“Our services are location-based, that’s why we want our products to cover all aspects of life,” Chen said in an interview. “We are a company that focuses on fast upgrades in our battle strategy. We are very open to seeing what works.”
“In any business we get into, we’ll start small. If it works, then we go big,” he added.