China’s Meituan to launch Keeta food delivery in brazil with $1 billion investment

Chinese on-demand giant Meituan is bringing its food delivery brand Keeta to Brazil, marking its latest international push following launches in Hong Kong and Saudi Arabia. The company plans to invest $1 billion in Brazil over the next five years to build out logistics infrastructure and support local merchants. The announcement came during a signing ceremony in Beijing attended by Brazilian President Luiz Inácio Lula da Silva and Meituan founder Wang Xing. A photo of the two went viral on Chinese social media, as Wang, with a reported net worth of $11.7 billion, has kept a low profile in recent years. While Keeta helped restaurants in Hong Kong double their sales, it has also faced worker protests over pay. In China, Meituan continues to battle http://JD.comJD.com> and Alibaba in the fast-growing instant commerce space. Meituan shares fell 4% in Hong Kong on Tuesday following broader market shifts.[iThome, in Chinese]