Meituan

“There are market rumours that the negotiations for the potential sale have collapsed,” Deliver Hero said in a statement, according to the report. “We confirm that the negotiations for the potential sale are ongoing.”

The global wave of layoffs hitting US tech companies like Meta, Amazon, and Twitter has also come to Southeast Asia amid a slowdown in fundraising activities for tech startups. Tech companies including venture capital-backed startups in Southeast Asia have also announced layoffs and austerity measures to cope with the uncertain macroeconomic situation.

Meituan has held talks with Delivery Hero about buying Southeast Asian operations that run under the Foodpanda brand, the people said.