British food delivery firm Deliveroo is exiting Hong Kong through the sale of certain assets to foodpanda and has tapped liquidators to manage the closure of its business in the city-state.
UK-based Deliveroo said it incurred losses in Hong Kong in 2024, recording a negative EBITDA, or earnings before interest, depreciation, and taxes.
"There are several dynamics specific to the Hong Kong market which led the Board to consider strategic options and, given the Group's commitment to disciplined capital allocation, determine that it would not serve shareholders' best interests to continue to operate in Hong Kong," Deliveroo said in a filing with the London Stock Exchange.
Deliveroo Hong Kong's service will end on April 7, ending its nine-year run in the market.
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