China Tech Giant Meituan to Hire 10,000 to Counter ByteDance Challenge

Meituan, which continues to report losses, had a revenue surge of 28% in the September quarter as demand held up during the downturn

(Bloomberg) — Meituan shares dropped the most in two months after the Chinese food delivery company unveiled plans to hire as many as 10,000 people this quarter to fend off a challenge from ByteDance Ltd.

Meituan’s recruitment drive — which will span the nation from Beijing to Shenzhen — contrasts with layoffs rocking the tech industry as Silicon Valley titans and startups fire people to weather a potential recession. The campaign is intended to catch an upswing in consumer consumption, the company said in a statement.