KeeTa, a sister mobile app of China's delivery service giant Meituan (3690), has become Hong Kong's second-largest food delivery platform, trailing behind Foodpanda.
Delivery Hero's Foodpanda enjoyed a market share of 42 percent in December while Keeta accounted for 37 percent of the local food delivery market during the period, according to data from Measurable AI, a Hong Kong-based firm that tracks business receipts.
That surpassed Deliveroo's 20 percent of market share.
KeeTa has relied on a familiar subsidy-heavy strategy to draw in users and delivery people since its launch in May last year.
The platform expanded rapidly over the past year, starting from the neighborhood of Mong Kok in the heart of the city before covering the most affluent districts on Hong Kong Island.
However, shares of Meituan fell 4.6 percent yesterday.
Shares of Tencent (0700) lost 1.5 percent although the gaming and social media giant continued its share repurchase plan, with HK$500 million worth of share buyback yesterday.
Meanwhile, Alibaba (9988) has further cut its stakes in local logistics services firm GoGoX (2246), which saw the e-commerce giant's holdings in the company reduced to less than 8 percent.
Elsewhere, Nvidia said four Chinese electric vehicle brands will use its technology as the brains for automated driving systems.
Li Auto (2015), Great Wall Motor (2333), Zeekr and the new EV unit of Chinese telecommunications company Xiaomi (1810) will use Nvidia's DRIVE technology to power automated driving, although the Wall Street Journal reported earlier that Tencent and Alibaba have turned away from Nvidia's chips
Crypto-related shares saw a rally. Hong Kong-based BC Technology Group (0863), the parent of crypto exchange OSL, surged 10.2 percent after Bitcoin jumped to a 21-month high at one time amid optimism that regulators are set to approve the first US exchange-traded funds investing directly in the world's largest digital asset.
KeeTa kicked off operations last May. Sing Tao
