Meituan Named One of 50 Smartest Companies by MIT Technology Review

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Jul 01, 2019, 04:36 ET

BEIJING, July 1, 2019 /PRNewswire/ -- Meituan (HKG: 3690) (the "Company"), China's leading e-commerce platform for services, has been selected as one of the 50 Smartest Companies (TR50) in China by MIT Technology Review.

Established in 2010, the TR50 is "a guide to the world's emerging technologies". The list was created to recognize companies worldwide that combine technology innovation with an efficient business model. Member companies are "smart in finding and using new technologies, and smart in understanding their markets and business opportunities".

This year is the first time that MIT Technology Review selected the 50 Smartest Companies with "China focus", which includes Chinese companies, foreign companies and joint venture companies in China.

Meituan has been recognized for the innovative technologies that underpin its advanced delivery network. The TR50 highlighted Meituan's "Super Brain", the real-time intelligent dispatch system powered by Big Data, AI technology and optimization algorithms. The system can perform about 2.9 billion route planning algorithm operations per hour and calculate the optimized delivery routes in an average of 0.55 milliseconds, to ensure an average delivery time of 30 minutes. Meituan is working on autonomous delivery to further advance its delivery services.

To support advanced technologies, Meituan has pioneered a business model that leverages emerging technologies to transform the real economy. With the effort of more than 10,000 personnel in research and development, Meituan has supported the digitalization of its 5.8 million merchants with innovative digital solutions and has helped to create more than 19.6 million job positions in 2018.

"Meituan has an innovative business model that leverages technologies to empower the real economy," said Jiang Liu, head of Meituan Institute of Technology, at the award ceremony. "Our R&D team is developing next generation technologies, including autonomous delivery, to help people eat better, live better."

About Meituan

Meituan (HKG: 3690) (the "Company") is China's leading e-commerce platform for services. With the mission of "We help people eat better, live better," the Company's platform uses technology to connect consumers and merchants. Service offerings on the platform address people's daily needs for food, and extend further to broad lifestyle and travel services. According to the iResearch Report, Meituan is the world's largest on-demand food delivery service provider and China's largest e-commerce platform for in-store dining services in 2017. It currently operates the world's largest on-demand delivery network in terms of the number of deliveries in 2017. Meituan helps consumers discover merchant information, make informed decisions, complete online and offline transactions and enjoy on-demand delivery. The Company currently owns several household brands in China, including Meituan, China's leading online marketplace for services by GTV in 2017, Dianping, China's leading online destination for discovering lifestyle services by MAU in 2017, Meituan Waimai for on-demand delivery services, and Mobike for bike-sharing services. Meituan had 400.4 million Annual Transacting Users and 5.8 million Annual Active Merchants by the end of 2018. The Company operates in over 2,800 cities and counties in China.

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SOURCE Meituan