(Bloomberg) – Former Kuaishou Technology international business leader Tony Qiu has joined Chinese food delivery titan Meituan, transitioning between internet companies at a time of high regulatory and economic challenges for the sector .
Bloomberg’s Most Read
Qiu has taken on an interim role as assistant to Meituan founder and CEO Wang Xing while deciding which business unit of the company he will lead, the former Bain Capital executive said in a text message. It is common practice for senior executives in China to hold assistant positions before being assigned a strategic position, such as the CFO of Alibaba Group Holding Ltd. Toby Xu, who assisted CEO Daniel Zhang before taking the reins of the e-commerce giant’s investment arm. .
Qiu’s hiring, first reported by local outlet Late Post, has fueled speculation about Beijing-based Meituan’s ambitions to expand into international markets. Domestic market growth has slowed for all of China’s biggest consumer tech companies, while neighboring regions like Southeast Asia are attracting millions of new internet users and increasing demand for connected services.
“Meituan could potentially leverage Tony’s global expertise to explore overseas opportunities, given that he was assisting Didi and Kuaishou in their respective international businesses,” said Vey-Sern Ling, principal analyst at Union Bancaire. Private in Singapore.
A representative for Meituan did not immediately respond to a request for comment.
Qiu, who joined Kuaishou in August 2020 from Didi Global Inc., has been tasked with bringing China’s second short video hub to the global stage. He led a seasoned team with experience at Google from Alphabet Inc., Netflix Inc. and TikTok from ByteDance Ltd. to expand Kuaishou’s reach in markets like Southeast Asia, the Middle East and Latin America. In June 2021, Kuaishou reported 180 million monthly users outside of China, up from 150 million in April, according to the most recent figures the company disclosed. At Didi, Qiu also helped the Chinese ride-hailing company strengthen its presence in Brazil through the acquisition of local startup 99.
Qiu left Kuaishou earlier this year for personal reasons, Bloomberg News reported in March.
Bloomberg Businessweek’s Most Read
©2022 Bloomberg LP