MEITUAN-W (03690) climbed more than 6% during intraday trading, with shares closing 5.68% higher at HK$106 and recording a turnover of HK$8.214 billion at the time of reporting.

Citi released a research note highlighting that Meituan's international food delivery platform Keeta officially launched operations in Kuwait yesterday. This development demonstrates Meituan's continued aggressive pursuit of overseas market expansion despite intensifying competition in the domestic Chinese market. Keeta has now established services across three markets: Saudi Arabia, Qatar, and Kuwait. Within just a few months of operation, the platform has expanded to over 20 cities in Saudi Arabia and has emerged as one of the leading delivery platforms in the region.

The investment bank noted that Keeta achieved the top ranking on both iOS and Google Play food and beverage download charts on its first day of operation in Kuwait. The platform has also maintained its position as the leading food delivery app in both Qatar and Saudi Arabia, indicating strong user growth momentum in Middle Eastern markets. Notably, Keeta has sustained its position as the most downloaded delivery platform in Saudi Arabia for nearly a year since its launch, further validating its user retention capabilities and growth resilience.

Looking ahead, market expectations suggest Keeta will enter the UAE market before year-end, with plans to pilot operations in 1-2 Brazilian cities in the coming months. Meituan's management has previously identified the Middle East and Latin America as key regions for overseas expansion, announcing a US$1 billion investment commitment in Brazil over the next five years, targeting coverage of 15 major metropolitan areas and 1,000 cities. Citi maintains a "Neutral" rating on Meituan with a target price of HK$133.