Cathie Wood Can't Get Enough Of These 3 Chinese Alibaba Rivals

Meituan (MPNGY):

Ark holds 3,264,117 Hong Kong shares of the company, worth about $125.2 million, via ARKF and ARKX.

The New York-based investment firm had earlier this week said in its research note that it believes Meituan is challenging competitors such as JD Logistics and Alibaba's Cainiao in the last-mile autonomous delivery race.

“While wider adoption will depend on regulatory approval by district, slower moving robo-delivery vans without passengers probably will have to clear lower safety hurdles than robotaxis that are transporting passengers,” Ark analyst Yulong Cui wrote in a note to investors.

Meituan had earlier this week raised $10 billion to fund its last-mile autonomous delivery minivan and drone program to counter Alibaba in the grocery arena. After nearly a year of testing, Meituan is launching its next-generation autonomous delivery minivans in Beijing's Shunyi district.

Meituan OTC shares closed 2.48% lower at $76.64 on Friday.

1 2
View single page >> |

© 2021 Benzinga does not provide investment advice. All rights reserved.

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.