秦朔朋友圈 . 秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌，包括微信公 众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域，关注重点为全球和中国财经 商业热点、企业家精神、创新与发明创造、商业文明探索等。 以下文章来源于秦朔朋友圈 ，作者梁云风 作者： 梁云风 来源： 秦朔朋友圈 ------------------------------- 从巴西战场开始的 "内卷"警报 近日，德国《经济周刊》（ WirtschaftsWoche）聚焦中国社会难以摆脱的"内卷式"竞争，指出这 场看似充满活力的竞争，正在慢慢吞噬中国发展的耐力与方向。该报道以中国汽车行业为例，指出 中国汽车企业虽然卷赢了世界，但是却无可避免全行业深陷"价格战"，导致"劣币驱逐良币"的现象 频现。 现在，在国内卷完之后，中国企业出海更是出现了 "内卷外化"，专卷自己人的现象。 最近， 滴滴出行旗下的外卖平台 "99Food"因 搞 商户 "二选一"被美团起诉，指其在巴西通过 给 商户 巨额预付金（超 10 亿元人民币 ） ，与商户签订针对美团 Keeta的"二选一"排他协议， 阻 止美团进入巴西 ...

Core Viewpoint - Hong Kong is becoming a battleground for major mainland internet companies, which are aggressively expanding their presence in the region to capture local consumer markets and establish a foothold for international expansion [6][8][30]. Group 1: Market Entry and Strategies - Major internet companies like JD.com and Meituan are entering the Hong Kong market, with JD.com planning to acquire the local supermarket chain Jia Bao for approximately HKD 4 billion [10][11]. - Over 1,300 overseas and mainland companies have established a presence in Hong Kong from January 2023 to mid-2025, with nearly half coming from mainland China [12]. - The competitive landscape in Hong Kong is shifting as these companies move beyond cloud services and financial payments to directly influence local consumer behavior [7][19]. Group 2: Competitive Dynamics - Meituan launched its food delivery service Keeta in May 2023, quickly gaining traction and achieving significant order volumes within its first few months [15][21]. - The entry of mainland companies has led to increased competition, with local players like HKTVmall feeling the pressure to adapt [18][30]. - Keeta has captured approximately 27% of the market share in the food delivery sector within six months, challenging established players like Deliveroo and Foodpanda [32][34]. Group 3: Financial Investments and Subsidies - Meituan's Keeta offered substantial subsidies to attract users, including a HKD 1 billion incentive for new users, which is comparable to much larger investments in mainland China [21][22]. - JD.com and Alibaba have also announced significant financial commitments to enhance their logistics and service offerings in Hong Kong, with JD.com planning an initial investment of HKD 1.5 billion [22][29]. - The scale of these investments in Hong Kong, relative to its smaller market size, indicates a strategic approach to establish a strong foothold before expanding further [22][37]. Group 4: Challenges and Market Characteristics - The high cost of labor and complex logistics in Hong Kong present challenges for mainland companies, making it difficult to replicate their mainland success [24][36]. - Despite the potential for growth, the online retail penetration in Hong Kong remains low compared to mainland China, with only 9.3% of retail sales coming from online channels [36][37]. - The unique market dynamics in Hong Kong require companies to adapt their strategies to local consumer habits and operational challenges [35][37]. Group 5: Future Outlook - Success in Hong Kong is seen as a stepping stone for these companies to enter more complex international markets, with Meituan already expanding into the Middle East [38]. - The competitive landscape in Hong Kong is expected to evolve as these companies refine their business models and logistics capabilities [30][38].

Core Viewpoint - Major internet companies are aggressively entering the Hong Kong market, viewing it as a strategic hub for expansion and brand penetration, significantly impacting local consumption patterns [4][5]. Group 1: Market Entry and Strategies - JD.com plans to acquire Hong Kong's well-known discount supermarket chain, Jia Bao, for approximately HKD 4 billion, indicating its commitment to the local market [6]. - Over 1,300 overseas and mainland companies have established a presence in Hong Kong from January 2023 to mid-2025, with nearly half coming from mainland China [6]. - Major players like Alibaba, Tencent, Meituan, ByteDance, and JD.com have set up operations in Hong Kong, with Pinduoduo launching direct mail services to the region [6][7]. Group 2: Competitive Landscape - The competition in Hong Kong's retail and e-commerce sectors is intensifying, with Meituan's Keeta entering the market and quickly gaining traction [8][9]. - The entry of mainland companies has led to a significant shift in the local market dynamics, with traditional players feeling threatened [9][10]. - Keeta has rapidly captured about 27% of the market share in the food delivery sector, competing closely with established players like Foodpanda and Deliveroo [19]. Group 3: Financial Investments and Subsidies - Keeta launched with aggressive subsidies, offering HKD 300 in coupons to new users, which resulted in high order volumes on its first day [11]. - Alibaba and JD.com have announced substantial investments in Hong Kong, with JD.com committing HKD 1.5 billion for logistics and service enhancements [12]. - The scale of subsidies in Hong Kong, relative to its smaller user base, is comparable to much larger investments in mainland China [12]. Group 4: Operational Challenges - High labor costs and complex logistics in Hong Kong present significant challenges for mainland companies, requiring substantial investment to establish efficient delivery networks [13][20]. - The market's unique characteristics, including high population density and strict regulations, complicate operations compared to mainland China [20][21]. - Despite the challenges, the potential for growth in Hong Kong's e-commerce and delivery markets remains attractive for these companies [22]. Group 5: Long-term Goals and Global Strategy - Success in Hong Kong is viewed as a testing ground for broader international expansion, with companies like Meituan already eyeing markets in the Middle East and beyond [24][25]. - The ability to adapt and thrive in Hong Kong's competitive environment is seen as a critical step for companies aiming to penetrate more complex global markets [23][24].

Core Viewpoint - The article discusses the aggressive expansion of major Chinese internet companies into the Hong Kong market, highlighting their strategies and the implications for local businesses and the overall market landscape [5][6]. Group 1: Market Entry Strategies - Major internet companies like JD.com and Meituan are increasingly targeting Hong Kong as a strategic market for expansion, with JD.com planning to acquire a local supermarket chain for approximately HKD 4 billion [8]. - Over 1,300 overseas and mainland companies have established operations in Hong Kong from January 2023 to mid-2025, with nearly half coming from mainland China [8]. - The shift from cloud services and AI to direct consumer engagement in Hong Kong signifies a new phase of competition among these companies [9]. Group 2: Competitive Landscape - Meituan's Keeta launched in Hong Kong in May 2023, quickly gaining market share and competing with established players like Foodpanda and Deliveroo [10][22]. - By December 2023, Keeta captured approximately 27% of the market share in food delivery, positioning itself as a strong competitor against Deliveroo [22]. - The entry of these companies has led to significant changes in consumer behavior and market dynamics, with local businesses feeling the pressure [12][29]. Group 3: Financial Investments and Subsidies - Keeta initiated its market entry with substantial subsidies, offering promotions that included HKD 300 coupons for new users, which significantly boosted order volumes [15]. - In 2024, Alibaba announced a HKD 1 billion investment for shipping services in Hong Kong, while JD.com committed to an initial investment of HKD 1.5 billion for logistics and service enhancements [15][19]. - The scale of these investments is comparable to much larger sums in mainland China, given Hong Kong's smaller user base [16]. Group 4: Challenges and Market Characteristics - Despite the high potential, the Hong Kong market presents challenges such as high labor costs and entrenched consumer habits, which complicate the expansion efforts of mainland companies [27][29]. - The online retail penetration in Hong Kong remains low, with only 9.3% of total retail sales attributed to online sales, compared to 26.8% in mainland China [28]. - The competitive environment is characterized by both local and international players, making it a complex market for new entrants [29]. Group 5: Future Outlook - Success in Hong Kong is viewed as a stepping stone for these companies to enter more complex international markets, with Meituan already expanding into the Middle East [30]. - The strategies and experiences gained in Hong Kong are expected to inform future operations in other regions, enhancing the companies' global competitiveness [30][31].

Core Insights - Hong Kong is becoming a battleground for major Chinese internet companies, which are aggressively expanding their presence in the region to capture local consumer markets and establish a foothold for international expansion [1][2][6] Group 1: Market Entry Strategies - JD.com plans to acquire Hong Kong's well-known discount supermarket chain, Jia Bao, for approximately HKD 4 billion, indicating its commitment to the local retail market [1][2] - Major internet companies, including Alibaba, Tencent, Meituan, and ByteDance, have established a presence in Hong Kong, with over 1,300 companies setting up operations in the region from January 2023 to mid-2025 [2][3] - The strategy of acquiring local businesses to leverage their brand and resources for rapid localization is a common approach for companies entering new markets [2][3] Group 2: Competitive Landscape - Meituan's Keeta launched in Hong Kong in May 2023, quickly gaining market share and competing with established players like Foodpanda and Deliveroo [3][15] - The competitive dynamics in Hong Kong's e-commerce and food delivery markets are shifting, with local companies feeling threatened by the aggressive expansion of mainland Chinese firms [5][19] - Keeta's entry has led to the exit of Deliveroo from the Hong Kong market, showcasing the impact of aggressive pricing and service strategies [15][18] Group 3: Financial Investments and Subsidies - Meituan's Keeta initiated its market entry with significant subsidies, including a HKD 1 billion promotional budget to attract users [7][8] - JD.com and Alibaba have also announced substantial investments in Hong Kong, with JD committing HKD 1.5 billion for logistics and service enhancements [7][8] - The scale of financial investment in Hong Kong, while appearing smaller than in mainland China, is proportionally significant given the size of the local market [8][20] Group 4: Consumer Behavior and Market Challenges - Hong Kong's online retail sales account for only 9.3% of total retail sales, indicating a slower adoption of e-commerce compared to mainland China [19][20] - The high cost of labor and entrenched consumer habits pose challenges for mainland companies trying to penetrate the Hong Kong market [19][20] - Despite the challenges, the potential for growth in Hong Kong is seen as a stepping stone for further expansion into larger international markets [20][21]

Core Viewpoint - Saudi Arabia is undergoing significant transformation driven by the "Vision 2030" initiative, which aims to diversify its economy and enhance social vibrancy, creating new opportunities for foreign investments, particularly from Chinese companies [5][6][9]. Group 1: Economic Transformation - The Saudi government is actively encouraging foreign capital to enter emerging industries, leading to a surge in foreign enterprises entering the market [6]. - The mobile gaming market in the Middle East is projected to grow at a rate of 4.8% from Q1 2024 to Q2 2025, outpacing the overall global mobile gaming market growth [10]. - Saudi users exhibit a high willingness to pay, with average user spending being twice that of American users and five times that of Chinese users, making it an attractive market for global gaming companies [10]. Group 2: Market Dynamics - Chinese companies are increasingly viewing Saudi Arabia as a primary entry point into the Middle Eastern market [7]. - The local food delivery market is highly competitive, with Chinese firms like Meituan's Keeta entering and rapidly gaining market share through aggressive pricing and service improvements [14][15]. - Keeta achieved a 10% market share within five months of entering the Saudi market, significantly reducing delivery times and costs compared to local competitors [15]. Group 3: Consumer Behavior - The Saudi population is predominantly young, with over 70% under the age of 35 and an internet penetration rate of 99% as of 2023, leading to rapid digital economic growth [12]. - The local consumer market is characterized by high spending power, with a notable acceptance of premium pricing for imported goods, indicating a lucrative opportunity for foreign brands [17][20]. - The evolving social landscape, including increased female participation in the workforce and changing consumer habits, is reshaping the retail and e-commerce sectors [21][22]. Group 4: Technological Advancements - Saudi Arabia is investing heavily in advanced technologies such as autonomous driving and artificial intelligence, positioning itself as a testing ground for these innovations [18]. - The logistics and delivery sectors are also seeing significant advancements, with companies like JD.com launching efficient delivery services in the region [16].

Group 1 - Meituan's Keeta is expanding into Brazil, indicating a shift in the outbound strategy of Chinese companies towards global competition and industry division [2] - The drop in tariffs has encouraged companies to confidently enter the U.S. market, with no European e-bike companies willing to forgo this opportunity [3] - Yiwu's small commodity market is adapting well to unprecedented tariff wars due to its strong market adaptability and product advantages [4] Group 2 - Following the reduction of tariffs, U.S. importers and retailers have expressed relief, with companies like Shark Ninja and Basic Fun planning immediate shipments to U.S. ports [9] - Container shipping bookings from China to the U.S. surged nearly 300% after the mutual tariff reductions, with average bookings increasing from 5,709 to 21,530 standard containers [9] - Alibaba International Station launched a U.S. promotional event to capitalize on the tariff reduction, anticipating a surge in Chinese exports over the next 90 days [9] Group 3 - Temu is gradually restoring its previously suspended full-service business in the U.S. [10] - TikTok Shop has officially launched its cross-border store in Japan, supporting direct shipping from China [10] - JD Logistics has opened its first self-operated overseas warehouse in Mexico, enhancing logistics services for a well-known fast fashion e-commerce company [10] Group 4 - The global in-app purchase revenue for short video applications reached nearly $700 million in Q1 2025, a fourfold increase from Q1 2024 [11] - The U.S. remains the highest revenue market for short video applications, contributing 49% of the total revenue in Q1 2025 [11] - Trump announced a $1.2 trillion economic commitment from Qatar, including significant agreements with U.S. companies [11] Group 5 - Waymo is recalling nearly 1,200 autonomous taxis to update software after minor collision incidents [12] - OpenAI has made the GPT-4.1 model available to ChatGPT users, focusing on coding tasks and instruction adherence [12]

Core Viewpoint - The consensus in the industry is that Brazil's market is larger than Saudi Arabia's, with considerable order volume [1] Group 1: Meituan's Investment in Brazil - Meituan plans to invest $1 billion in Brazil over the next five years to expand its international food delivery service, Keeta [2][3] - The CEO of Meituan, Wang Xing, and Brazilian President Lula attended the signing of the investment agreement [5] - Meituan is establishing a customer service center in Northeast Brazil, expecting to hire over a thousand local employees [3] Group 2: Market Potential and Competition - Brazil's food delivery market has a daily order volume of nearly 5 million, with the leading platform, iFood, accounting for approximately 360 million daily orders [3] - iFood dominates the Brazilian market with over 80% market share, backed by investment firm Prosus [6] - Competitors in the Brazilian market include Rappi and local players, with Rappi implementing a "zero commission" policy to attract more merchants [7] Group 3: Meituan's Strategy and Market Dynamics - Meituan's entry into Brazil is seen as a significant variable in the market, following its success in Hong Kong and Saudi Arabia [8] - The company aims to build a nationwide instant delivery network in Brazil and apply its established marketing and digital operations tools [3] - The Middle East market, where Meituan has captured 20% market share in Saudi Arabia, is also a focus, with plans to become the market leader there [3]