出海成为大型中国企业的重要战略选择，尤其当国内利润空间压缩时更是如此。如今中国的企业们瞄准海外发展，其目标地点是否具有经济上的合理性？它们能否适应与“996工作制”截然不同的文化背景呢？美团的最新举动便是这一趋势中的缩影。这家外卖巨头已将沙特阿拉伯中部的一座城市选为进军国际市场首站，在此之前业界对其即将在首都利雅得推出业务已有广泛预期。这是该公司首次步入中国以外的市场。
近来，越来越多中国企业看中了沙特这块“金矿”，中标了价值数十亿美元的项目，包括建设豪华酒店和购物中心等。作为交换，联想集团投资两百亿人民币在当地开展业务，并预计可创造一万个本地就业岗位，这一举措颇具吸引力。此外，香港航空巨头国泰航空有限公司计划在10月底开通一条飞往沙特航线，也使得沙特官员欢欣鼓舞。
然而，对这家以香港的动荡为背景进军小众市场的野心勃勃的消费科技品牌美团而言，选择人口仅3500万的小市场是否合理？或许它被投资逻辑所吸引——认为沙特阿拉伯是“明日经济之星”，且王储穆罕默德·本·萨勒曼的“沙特2030愿景”将带来类似于1978年北京开始改革后的经济开放。例如，人口结构对美团的外卖应用有利可图：女性劳动力参与率自2017年的20%增长到约三分之一，家庭可能会有更多的可支配收入和更少的时间来烹饪。同时，更为宽容的社会环境与年轻的人口自然会产生对外来美食的渴望——国际连锁品牌如Hakkasan Group旗下的餐厅正在利雅得开设新店。
美团为什么要进军这个小市场？或许它被沙特阿拉伯“开放未来”的投资逻辑所吸引，认为这将带来类似于1978年中国政府开启改革开放后的经济变革。在人口结构方面，外卖应用尤为有利：随着女性更多地参与工作，家庭可能会产生更多的可支配收入以及较少的时间来做饭。
美团需要通过海外扩张来为投资者提供多元化战略，以防业务再次陷入困境。2021年，公司因使用独家合作协议阻挠餐厅列名其他平台而被罚款5.3亿美元。美团股票今年上涨60%以上，反映出销售增长和创纪录的高毛利率。一些投资者担心“美团可能过于盈利”，根据Bernstein研究分析师Robin Zhu的说法。
美团与其骑手及小型餐馆的关系紧张并未完全缓解。8月，一名美团快递员在急促送餐时撞倒了住宅区围栏并请求保安宽恕，这引发了抗议和社交媒体上的谴责。在中国，劳动福利——以及消费科技公司是否为社会带来正面影响——是一个敏感的政治议题。
然而，新报告表明美团的骑手在一线城市已经得到了改进待遇，描绘了灵活就业作为全职工作间隙的选择。上个月…
在未来几年中，在沙特阿拉伯的投资数亿元对美团的影响微乎其微，但此举也为其提供了全球扩张的成功故事。中国企业进军沙特阿拉伯的同时，既是对未来充满希望的乐观态度，又是一种对过去引入肯德基和大片放映等记忆的怀旧情怀。这使得中国商业高管们很容易被沙特新的投资理论说服，他们只是将中国的形象重新想象在了Riyadh。
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新闻来源：www.bloomberg.com
原文地址：China's Meituan Is Heading to Saudi Arabia
新闻日期：2024-09-23
原文摘要：
“Going out” is a major consideration among big Chinese corporations. Pressed by shrinking profit margins at home, China Inc. is keen to expand businesses abroad. The question is whether their chosen destinations make economic sense, and if they can adapt to a culture that might be very different from the “996” work schedule at home. The latest adventure comes from food delivery giant Meituan. It has , a city in central Saudi Arabia, ahead of a widely-expected launch in the capital Riyadh. This is its first international foray outside greater China. The company is joining a growing fleet of businesses that see a bright future in the Gulf kingdom. In recent months, Chinese firms won multibillion-dollar contracts to build and . In exchange for a $2 billion investment, PC maker Lenovo Group Ltd. is there in a deal that is expected to create 15,000 jobs locally. And last but not least, Hong Kong’s flagship airline Cathay Pacific Airways Ltd. will start a in late October, pleasing Saudi officials who have been . Nonetheless, Saudi Arabia is a curious first choice for an ambitious consumer tech brand with a that has recently in Hong Kong. Why does Meituan want to go into a small market with only 35 million people?Perhaps it is seduced by the investment thesis that Saudi Arabia is “,” and that Crown Prince Mohammed bin Salman’s “Saudi Vision 2030” will bring about the same kind of economic opening that Beijing began in 1978. For instance, Saudi Arabia’s demographics can be perfect for food delivery apps. Now that more women are working — labor participation rose to about one-third from 20% in 2017 — families may have more disposable income but less time to cook meals. In addition, a more tolerant society and a young population almost necessarily translate into cravings for exotic food. International chains, such as Hakkasan Group’s and , are opening in Riyadh. On Meituan’s Keeta app, one can order Chinese chili chicken for 37 riyal ($9.36). But more importantly, Meituan, whose shares have soared over 60% this year on solid sales growth and record high gross margins, needs to give investors a diversification strategy in case it again. In 2021, the company was slapped with a $530 million anti-trust fine for using exclusivity arrangements to block restaurants from listing on other platforms. Perhaps because of its resounding success, some investors are worried the firm is “over-earning,” according to Bernstein Research’s analyst Robin Zhu. Indeed, its tension with riders and small restaurants never quite went away. In August, a Meituan courier a security guard at a residential complex for mercy after accidentally knocking down a fence in his rush to dispatch an order, thereby sparking protests and an outcry on social media. In China, labor welfare — and whether consumer tech companies are a force of good — remains a touchy political issue. Meituan certainly seems eager to prove its social value. A new report from the company shows that its riders working in major cities are , portraying gig employment as an alternative for people in between full-time jobs. Last month, . No doubt, the Saudi market will present new challenges to Meituan. and at the expense of non-locals are just a few examples. However, a few billion yuan of spending over the next few years will not dent Meituan’s balance sheet. It also gives the company a good global expansion story to tell. Ironically, China Inc.’s foray into Saudi Arabia is simultaneously optimistic and nostalgic. Many of us growing up in China in the 1990s remember the thrill upon the arrival of KFC and big Hollywood blockbusters in movie theaters. As such, Chinese business executives can easily be persuaded by Saudi’s new investment thesis. They are simply reimagining China in Riyadh. More From Bloomberg Opinion: Want more Bloomberg Opinion? . Or you can subscribe to .
