China’s largest local lifestyle service platform Meituan enjoyed 190% growth in turnover in the first half of this year and transaction volume of RMB47 billion (approx: US$7.57 billion) during the period which surpassed total annual turnover for 2014.
Meituan claims 62% share of China’s group-buy market and is accelerating growth vertically in cinema, hotels and takeout to consolidate its lead in the O2O market. Meituan’s newly set up hotel tourism operations group has already recorded RMB7.1 billion (approx: US$1.14 billion) in turnover through 33 million hotel room nights bookings in the first half of this year.
Meituan is not only the largest mobile hotel booking platform and the second largest distribution platform for hotels in China, but is also continuing to lead in excursions and attractions ticketing services spun off from its hotel booking service.
Its new hotel tourism operations group will be responsible for setting up a vacation travel platform and forming extensive O2O partnerships to better satisfy users’ travel and vacation needs.
Meituan founder and CEO Xing Wang expects Meituan’s turnover for this year to exceed RMB100 billion (approx: US$16.1 billion) and sets a target of one trillion RMB in annual turnover within five years. He hopes to bring Meituan’s market value up to US$100 billion.(Translation by David)
