Online food delivery platform Deliveroo will cease its operations in Hong Kong effective Apr. 7, ending its nine-year presence in the market.

The British company has opted to exit through a sale of selected assets to rival platform foodpanda and will close other operations.

Deliveroo cited market-specific challenges and a strategic review as reasons for its exit.

The company said that continuing operations in Hong Kong would not align with the best interests of its shareholders.

As part of the acquisition, foodpanda’s parent company, Delivery Hero, will integrate Deliveroo’s customers, riders, and selected restaurant and grocery partners into its platform.

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