Wang Xing, the Lockdown Delivery Guy
Meituan, which became a lifeline when restrictions were imposed across China, has seen its share price surge more than 180% since the beginning of the year, swelling Wang’s fortune to over $20 billion.
Wang Xing, chairman, chief executive officer and co-founder of Meituan, attends the 6th World Internet Conference (WIC) at Wuzhen International Internet Exhibition & Convention Center on October 20, 2019 in Wuzhen, Zhejiang Province of China.
Photographer: VCG/Getty Images
China’s coronavirus-fighting measures were among the strictest in the world, with many residents forbidden from leaving their apartment complexes. That left Meituan as one of the only ways for millions of people to get basic supplies—not to mention delivery favorites such as dumplings and spicy noodles. Led by Wang, an engineer who dropped out of a U.S. doctoral program to found a series of social media apps before starting Meituan in 2010, the company handled about 15 million food deliveries a day during the lockdown. In many places, its riders, who wear distinctive yellow outfits bearing its kangaroo logo, seemed to make up most of the street traffic.
Although life in China is mostly back to normal, consumers are still sticking with delivery. Meituan delivered 24.5 million orders a day in the second quarter, a 7% uptick from a year ago. Wang is nonetheless hedging his bets by expanding into services for consumers who do go out, offering restaurant reservations, hotel rooms, and movie tickets.