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Cairo-based quick commerce startup Rabbit has rapidly established a network of dark stores in Riyadh, aiming to deliver 20 million items by 2026. With local sourcing and AI-driven logistics, Rabbit is adapting to Saudi consumer behaviors, capitalizing on the country's low online grocery penetration and projected market growth. The company's strategy emphasizes hyper-localization and technology investment to differentiate itself in a competitive landscape.
Ritesh Agarwal announced a profit after tax of US$72.9 million for FY2024 to FY2025, signaling potential growth for the company. Meanwhile, Hong Kong has overtaken Wall Street as the preferred IPO destination for Chinese firms, driven by geopolitical tensions and liquidity advantages. Notable upcoming listings include Shein, which is eyeing the Hong Kong Stock Exchange after failed attempts in the West, and Oyo, which plans a third attempt to go public with a valuation target of US$6-7 billion.
The HSI rose 348 points (1.5%) to 23,681, while the HSTI increased by 60 points (1.2%) to 5,315, with market turnover reaching $205.74 billion. Notable gainers included CSPC Pharma, up 6.1%, and several heavyweights like BYD Company and China Mobile hitting new highs.
On March 11, Reliance Jio and Bharti Airtel partnered with Starlink, while Tesla faces stiff competition from Chinese EV makers like BYD, which dominate Southeast Asian markets. Despite plans to open showrooms in Saudi Arabia, Tesla's sales have declined globally, raising concerns about its future in emerging markets. In Saudi Arabia, Tesla's entry coincides with the country's push for electric vehicles under Vision 2030, but the company must contend with local rivals and a complex history with the Saudi government, including past investments and controversies.
Alibaba has launched Taobao Instant Commerce to enhance delivery speed and offer consumer subsidies, aiming to strengthen its position in China's competitive e-commerce market. Currently available in 50 cities, the service will expand nationwide by May 6, 2025, and is managed by Ele.me, Alibaba's food delivery platform. This initiative puts Alibaba in direct competition with JD.com and Meituan, reflecting a significant shift in consumer expectations for rapid delivery and the integration of online marketplaces with logistics networks.
Amazon and Walmart are vying for full access to India's e-commerce market amid US pressure. Tesla announces financial updates and settles a lawsuit, while Elevance Health exceeds quarterly profit expectations. In Europe, Roche plans a $50 billion investment in the U.S., and UniCredit's takeover bid for Banco BPM faces uncertainty. Meanwhile, Toyota and Daimler are close to merging their truck units, and Huawei is set to ship its AI chip, potentially impacting Nvidia's market share in China.
Shares of JD.com and Meituan plummeted on April 22, 2025, amid rising competition in China's food delivery sector, with JD.com down 8.1% and Meituan 8%, marking a seven-month low. The fierce rivalry has led to price cuts and increased costs as both companies hire full-time couriers, contributing to a 25% stock decline since March 2025. As the market matures, Meituan is focusing on international expansion, while JD.com emphasizes domestic growth through aggressive subsidies and hiring strategies. Labor conditions are becoming a critical battleground, with both companies facing scrutiny over profitability and operational costs.
JD.com plans to hire over 50,000 full-time couriers this quarter to enhance its on-demand delivery service, Miao Song, which now connects to over 100,000 offline stores for deliveries averaging under 30 minutes. This initiative aims to strengthen its logistics network and improve same-day delivery performance, reflecting the rapid growth of China's instant delivery market, which is projected to exceed 48 billion orders in 2024. By providing full benefits to couriers, JD.com emphasizes its commitment to a stable workforce, distinguishing itself in a competitive landscape increasingly focused on service quality and reliability.
Meituan has launched its instant retail brand, Meituan Shangou, offering 24/7 shopping with 30-minute delivery across China. Customers can choose from a variety of products, reflecting a shift towards rapid and convenient shopping driven by younger consumers' expectations for immediacy. The instant retail market is projected to grow significantly, highlighting the competitive landscape where logistics speed is crucial for e-commerce success.
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