Meituan’s food delivery app KeeTa has risen to second place in Hong Kong’s food delivery market since its launch in May 2023, according to Measurable AI.

While the app’s 37% market share is behind Foodpanda’s 42%, it has surpassed Deliveroo’s 20% even though Keeta’s services have yet to fully cover the city.

The rapid growth has been attributed to large subsidies. However, Meituan’s shares were down 4.6% over possibly unsustainable subsidies.