Meituan announces plans to hire 10,000 workers in Q1 as Chinese economy recovers

Meituan, the Chinese food delivery firm, plans to hire 10,000 workers in the first quarter of 2023 as the "consumption recovery trend" in China accelerates, according to the company.

The announcement came despite the ongoing COVID-19 pandemic that has led to a slowdown in the Chinese economy and resulted in layoffs at many technology firms.

Meituan, however, has seen a surge in business due to increased online food delivery during the pandemic, with revenue jumping more than 28% YoY in the September quarter. The company's hiring spree could be a sign that China's technology sector is once again looking to expand.

Meituan's hiring plans have not been well-received by the stock market, with shares dropping 6% following the announcement. The company faces stiff competition from long-time rival Ele.me, owned by Alibaba, as well as new players such as ByteDance's short video platform Douyin.

Despite this, Meituan's move to increase its workforce is a hopeful sign for the Chinese tech sector, which has seen slow growth and regulatory hurdles in recent years. As the Chinese economy recovers, Meituan's hiring spree could be a sign of things to come for the technology industry in China.