At Meituan’s annual general meeting on June 26, CEO Wang Xing named two decisions he regretted. The first was the company’s failure to expand overseas soon enough after its public listing, when it still had a chance to establish an early foothold. The second was Meituan Youxuan, a business that consumed substantial investment before being wound down last year.
Management also reviewed Meituan’s gains and losses over the previous year, its strategic errors over the previous five years, and possible ways to revive its share price.
Large technology and retail companies often describe reinvention as a virtue. The less flattering part of the process is the cost of learning what not to do. Meituan’s recent moves suggest that it has begun applying lessons from Youxuan. Rather than relying only on supplier bidding, it has moved deeper into the supply chain in search of lower prices and more consistent quality. It has also opened a discount supermarket business called Happy Monkey.
In June 2025, Meituan closed Youxuan in most regions. Suppliers, warehouses, and other resources were quickly absorbed by Pinduoduo. Two months later, JD.com moved in the opposite direction and quietly revived community group buying under the JD Pinpin name in Beijing, Hebei, Anhui, and Jiangsu.
