China's online-service super-app Meituan Dianping plans to simplify its name to Meituan
China's super-app Meituan Dianping, which offers online-services from food delivery to car hailing, announced in a filing to the Hong Kong Stock Exchange that it plans to simplify its name to Meituan.
The company said its Hong Kong-traded shares will remain under the same 3690 symbol, and the name simplification will have no impact on its business direction, organizational structure or company operations.
The announcement said the simplification of the company's name will help build a unified brand image for the company and enhance the awareness of the company's multi-business capabilities among users and merchants.
It will also promote the company's focus on the "Food+Platform" strategy while continuing to explore new formats to create longer-term value for all participants in the ecosystem and society, the statement said.
According to its financial report released in March, the company's total revenue in 2019 was 97.5 billion yuan, a year-on-year increase of 49.5%. Gross profit totaled 32.3 billion yuan, a year-on-year increase of 114.0%, and operating profit changed from a negative RMB 11.1 billion in 2018 to a positive RMB 2.7 billion.
Adjusted EBITDA and adjusted net profit were 7.3 billion and 4.7 billion yuan, respectively. Operating cash flow has changed from a negative 9.2 billion yuan in 2018 to a positive 5.6 billion yuan in 2019.
As of December 31, 2019, its cash and cash equivalents were RMB 13.4 billion and short-term investments were RMB 49.4 billion. The balances as of December 31, 2018, were RMB 17 billion and RMB 41.8 billion, respectively.
