China’s biggest on-demand food delivery company and the country’s second largest short video platform have announced a “strategic partnership,” in what many see as the most recent attempt of Big Tech to appease Beijing after a year of regulatory crackdowns, reports the South China Morning Post.
Meituan, which has lost half its value since peaking in February 2021, will open a mini app on the short video platform operated by Kuaishou Technology, the main rival to ByteDance’s Douyin, allowing users to directly access products, services and coupons provided by Meituan merchants, according to a statement from the online provider.
The partnership, seen as a response to the central government’s push for interoperability among tech companies, comes after a difficult year in China’s internet industry. Kuaishou’s Hong Kong-traded stock has lost over 80% of its value since its peak in February, and co-founder Su Hua resigned as chief executive two months ago.
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