Meituan (HKG:3690) looks to invest 100 billion yuan in the food and beverage sector in the next three years as competition heats up, The Standard reported Tuesday.
The investment will be used to provide consumer subsidies to merchants, boost revenues, and help restaurants attain better quality through kitchen improvements, the report said, citing Meituan takeout division chief Xue Bing.
Meituan's move comes as retail giant JD.com (HKG:9618) rolled out its 10 billion yuan subsidy policy for its food delivery business to attract more consumers, the report said.
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