Market Overview - On October 28, the Hang Seng Index fell by 0.33%, closing at 26,346.14 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 2.258 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 104.644 billion, with a net purchase of HKD 2.258 billion [1][3] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 65.545 billion, with a net purchase of HKD 1.812 billion; in the Shenzhen Stock Connect, the trading volume was HKD 39.098 billion, with a net purchase of HKD 0.446 billion [1][3] - The most actively traded stock in the Shanghai Stock Connect was SMIC, with a trading volume of HKD 50.17 billion, followed by Alibaba-W and Xiaomi Group-W, with trading volumes of HKD 45.84 billion and HKD 26.01 billion, respectively [1][2] - In terms of net buying, China Mobile led with a net purchase of HKD 0.513 billion, while Alibaba-W had the highest net selling at HKD 0.405 billion, closing down by 1.50% [1][2] Detailed Stock Data - The top ten actively traded stocks in the Shenzhen Stock Connect included SMIC with a trading volume of HKD 37.90 billion, followed by Alibaba-W and Xiaomi Group-W with HKD 30.78 billion and HKD 18.37 billion, respectively [2] - The stock with the highest net purchase was Huahong Semiconductor, with a net purchase of HKD 0.252 billion, while the stock with the highest net selling was Li Auto-W, with a net selling of HKD 0.292 billion [2]

Market Overview - On October 28, the Hang Seng Index fell by 0.33% with a total southbound trading volume of HKD 1,046.44 billion, comprising HKD 534.51 billion in buy transactions and HKD 511.93 billion in sell transactions, resulting in a net buy of HKD 22.58 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) recorded a total trading volume of HKD 390.98 billion, with buy transactions at HKD 197.72 billion and sell transactions at HKD 193.26 billion, leading to a net buy of HKD 4.46 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading volume of HKD 655.45 billion, with buy transactions at HKD 336.79 billion and sell transactions at HKD 318.67 billion, resulting in a net buy of HKD 18.12 billion [1] Active Stocks - The most actively traded stock by southbound funds was SMIC, with a total trading volume of HKD 88.06 billion, followed by Alibaba-W at HKD 76.62 billion and Xiaomi Group-W at HKD 44.38 billion [1] - In terms of net buying, China Mobile led with a net buy of HKD 5.13 billion, closing up by 0.41%, followed by Huahong Semiconductor with a net buy of HKD 3.96 billion and Pop Mart with HKD 3.23 billion [1] - The stock with the highest net sell was Alibaba-W, with a net sell of HKD 5.23 billion, closing down by 1.50%, followed by Tencent Holdings and Li Auto-W with net sells of HKD 3.56 billion and HKD 2.92 billion respectively [1] Continuous Net Buying - Two stocks, SMIC and Huahong Semiconductor, experienced continuous net buying for more than three days, with SMIC having a net buy of HKD 30.18 billion over six days and Huahong Semiconductor with HKD 14.52 billion over three days [2]

Core Insights - Meituan's international food delivery brand Keeta officially launched operations in Abu Dhabi, UAE, on October 28, 2023, following its entry into Dubai last month [1][3] - The UAE's capital, Abu Dhabi, is characterized by a large population, advanced digital infrastructure, and high demand for quality food delivery services, indicating a high-value and high-potential market [3] - Keeta has expanded its presence in the Middle East, having established deep coverage in over 20 cities in Saudi Arabia since its launch there in September 2024 [3][4] Company Expansion Strategy - In May 2023, Meituan launched the food delivery app "KeeTa" in Hong Kong, capturing nearly 50% of the market share [4] - Keeta entered Saudi Arabia in September 2024, quickly gaining user numbers and order volume, becoming one of the most popular food delivery platforms in the region [4] - Future plans include a $1 billion investment to establish a nationwide delivery network in Brazil, with operations expected to commence in the coming months [4] - Keeta has also launched in Qatar and Kuwait in August and September 2025, respectively, and has now expanded to Abu Dhabi in October 2025 [4]

Core Viewpoint - Meituan-W (03690) announced the grant of a total of 11.8286 million restricted stock units as part of its post-IPO share incentive plan, aimed at rewarding employees and service providers [1] Group 1 - The company will grant a total of 11.8148 million shares to several employee participants [1] - Additionally, 13,800 shares will be granted to certain service providers, contingent upon acceptance and the terms of the post-IPO share incentive plan [1]

Core Points - Meituan-W (03690) announced the grant of a total of 11.8286 million restricted stock units as part of its post-IPO share incentive plan [1] - Of the total, 11.8148 million shares are awarded to certain employee participants, while 13,800 shares are awarded to certain service providers [1] - The grants are subject to acceptance and the terms and conditions of the post-IPO share incentive plan [1]

格隆汇10月28日丨美团-W(03690.HK)宣布，于2025年10月28日，公司根据首次公开发售后股份奖励计 划以受限制股份单位形式授出合共1182.8万股奖励股份，其中(i)向集团若干雇员参与者授出11,814,806 股奖励股份；及(ii)向集团若干服务提供者授出13,809股奖励股份，并视乎接纳与否以及首次公开发售后 股份奖励计划的条款及条件而定。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立以不同投票權控制的有限公司） 股份代號：3690（港幣櫃台）及83690（人民幣櫃台） 授出受限制股份單位 授出受限制股份單位的購買價： 零 根據上市規則第17.06A條、第17.06B條及第17.06C條，董事會宣佈，於2025年10 月28日，本公司根據首次公開發售後股份獎勵計劃以受限制股份單位形式授出合 共11,828,615股獎勵股份，其中(i)向本集團若干僱員參與者授出11,814,806股獎勵 股份；及(ii)向本集團若干服務提供者授出13,809股獎勵股份，並視乎接納與否以 及首次公開發售後股份獎勵計劃的條款及條件而定。 B類股份於授出日期的市價： 每股B類股份100.00港元 授出受限制股份單位的詳情 授出日期： 2025年10月28日 授出的詳情如下： 授出的受限制股份單位數目： 11,828,615股受限制股份單位，包括： 1 (i) 授予本集團僱員參與者的11, ...

Core Insights - The entry of Chinese companies like Meituan's Keeta and Didi's 99Food into Brazil's food delivery market has intensified competition, prompting local players to increase investments and adopt aggressive strategies [1][9][13] - iFood, the dominant local player, holds an 80% market share but faces challenges such as high commission rates and customer service issues, creating opportunities for new entrants [4][7][8] Group 1: Market Dynamics - Meituan's Keeta launched operations in Brazil on October 30, starting in Santos and São Vicente, with over 700 restaurant brands registered [1] - Didi's 99Food resumed services in Rio de Janeiro on October 14, indicating a resurgence of competition in the market [1] - iFood has increased its annual investment from 13.6 billion Brazilian Reais to 17 billion, a 25% increase, to fend off competition [13] Group 2: Competitive Landscape - iFood has established a strong market presence since its inception in 2011, leveraging a flywheel effect that attracts users and merchants [2][4] - The company has faced antitrust challenges but managed to secure a dominant position, forcing competitors like Uber Eats and 99Food to exit the market [4][8] - Rappi has also introduced a "three years zero commission" policy to retain customers and merchants [1][13] Group 3: Market Potential - Brazil's food delivery market is projected to reach $20.086 billion in 2023, with a penetration rate exceeding 20% [7] - The country has a large population of 210 million and a high digital adoption rate, with 86.2% of the population expected to be internet users by early 2025 [6][7] - The local payment system Pix is gaining traction, expected to account for 40% of online payments by 2026 [6] Group 4: Strategies of New Entrants - Both Meituan and Didi are employing aggressive strategies, including zero commission policies and high rider compensation, to capture market share [9][10] - Legal disputes between Keeta and 99Food highlight the competitive tensions, with Keeta winning a court ruling against 99Food's exclusivity clauses [11][12] - The competition is evolving into a battle of capital, technology, and localized operations, with both new and existing players seeking to address market gaps [18]

Core Viewpoint - Meituan has announced a subsidy for elderly insurance for its delivery riders, which has led to mixed reactions among riders based on their age and personal circumstances [1][2][3] Group 1: Company Actions - Meituan's stock price fell by 1.96% to 100 HKD after the announcement of the subsidy for riders' elderly insurance, which will be available nationwide starting in November [1] - The subsidy allows riders to choose to pay for elderly insurance either at their place of residence or work [1] Group 2: Rider Reactions - Younger riders, such as a 29-year-old from Hangzhou, are generally more hesitant about enrolling in elderly insurance, citing uncertainty about their future plans [2] - Older riders, like a 47-year-old from Nantong, show a more positive attitude towards the subsidy, viewing it as a significant benefit for their retirement planning [3] - The subsidy is perceived by some older riders as equivalent to a monthly salary increase of 500 RMB, enhancing their motivation to enroll in social insurance [3] Group 3: Industry Implications - The initiative is expected to promote high-quality employment for social laborers and provide retirement security for riders, contributing to the stability and sustainability of the rider workforce [3]

Core Viewpoint - Meituan's initiative to provide pension insurance subsidies for delivery riders is seen as both a cost for rider welfare and a significant investment in human resources, aimed at enhancing stability and sustainability within the workforce [1][7]. Group 1: Company Actions - Meituan announced the provision of pension insurance subsidies for riders, effective from November, allowing them to choose payment locations based on their needs [1]. - The company has expanded its "new employment form occupational injury insurance" pilot to 17 provinces, covering 13 million riders and paying over 2 billion yuan by September [9]. Group 2: Rider Perspectives - Riders' willingness to pay for insurance varies by age, with younger riders showing more hesitance compared to older riders who are more proactive in securing pension plans [3][4]. - Younger riders, like a 29-year-old from Hangzhou, express concerns about immediate financial burdens, while older riders, such as a 47-year-old from Nantong, actively seek to enroll in the pension scheme [3][4]. Group 3: Economic Implications - The average monthly income for high-frequency riders ranges from 6,949 to 10,201 yuan, with a potential insurance contribution of 1,600 yuan per month, half of which would be covered by Meituan [7]. - The initiative is expected to enhance job stability, reduce turnover costs, and improve operational efficiency for Meituan, ultimately contributing to sustainable growth [7][8]. Group 4: Industry Context - The move is part of a broader trend among platforms to enhance labor rights and benefits, responding to the needs of gig economy workers [9]. - Analysts suggest that the pension subsidy could alleviate financial anxieties for riders, fostering a more stable and committed workforce, which may lead to improved service quality [8][9].