Alibaba's Peer Meituan Eyes Downsizing Workforce, Restructuring Ride Hailing Business - Meituan (OTC:MPNGF), Meituan (OTC:MPNGY)

China's Meituan MPNGY MPNGY plans to restructure its ride-hailing service and reduce the number of staff working on the platform, according to CEO Wang Xing's internal letter.
The Alibaba Group Holding Limited BABA rival aims to reduce resources dedicated to the service and transfer a portion of the service's staff to other business lines, Reuters reports.
Meituan's main app offers services from food delivery to restaurant bookings.
Meituan relaunched as a standalone app in 2021 after regulators barred the Chinese market's dominant player DiDi Global Inc DIDIY, from registering new users.
Meituan's decision also comes as many of its tech peers evaluate non-core businesses and cut costs as the economy slows.
Alibaba slashed its workforce by about 19,000 employees in 2022 for cost efficiency. Alibaba, let go of over 4,000 workers in the year's final quarter.
Price Action: Meituan shares traded higher by 0.94% at $18.31 premarket on the last check Monday.