You may start. Okay. So, ladies and gentlemen, recently we have witnessed that Meituan has been really popular in our domestic market.

It attracts more than 500 million users in our country. And now it is spreading globally to countries like Brazil and Saudi Arabia. So its success can be attributed to its effective strategies and its technical achievement. So, you know, there are now more and more people to use it to offer some takeouts and to make their life more convenient. And today I'm glad to have two of my teammates with me to discuss this case.

And let's examine the cultural norms and practices behind the case and through some intercultural theories to understand what was going on. And ultimately to derive some better strategies to guide future intercultural practice in business So first of all Maytran really stands out and achieves great success in our domestic market So how can it gain such popularity and success?

So to stand out domestically, Maytran actually adopts a really different strategy with its competitors. So its founders showed an astonishing vision to choose smaller markets, avoiding heavy competitions. Also, Meituan demonstrates a sense of long-term orientation. They don't use money to attract users and shop owners temporarily. Rather, they build relationships for future development.

They also believe a well-running system and community is much more important than short-term revenue. And such kind of long-term orientation and vision also play important roles in Meituan's overseas expansion. Yes, we all know that despite domestic market, Meituan is also trying to open the overseas market. And during this process, we noticed that it makes really clever choices in selecting the cities.

So, can you please elaborate on it and share more ideas with us? That's a brilliant question. Because choosing the location is not only crucial for the commercial activities, it also embodies various meanings. And the wise choices actually embodies two different kinds of wisdom. And the first is the high uncertainty avoidance. The second is the non-confrontational Chinese wisdom. To begin with, it didn't just directly go to the places where tech giants gathered.

Instead, it chose Hong Kong, an international city that can bridge the domestic market with an overseas market. And secondly, they chose Saudi Arabia, the less competitive place. This is also a non-confrontational Chinese wisdom, where you try to test the water before you get into the real competitions. And we all know that they have evaluated the risk, and the lower the risk, the lower the challenges and lower the opportunities.

So in this high uncertainty avoidance society, the balance between the risk and the opportunities. Thank you. Yeah, I agree that. And since Meituan is establishing its market abroad, and in this cross-cultural case, there should be many obstacles and challenges because of the differences in cultures. So what strategies did Meituan use to overcome these kind of barriers?

So thank you for the question. And there are definitely many obstacles they have to overcome since there are many cultural differences between our domestic country and other country. So besides choosing the right market to enter, Meituan also used similar strategies to the ones they have used to help them stand out domestically. So the first problem they met is that there are actually no market share left.

So to solve this kind of problem, Meituan chose to value long-term profits rather than short-term revenue. They offer bigger discounts for users and shop owners, which boost their attention and interest at first glance. And moreover, Meituan didn't stop at this point. As Meituan has mentioned, a well-running system and community is much more important. So in Saudi Arabia, Meituan built a community, a network of those delivery people.

So they view these people as a really good entry point, and then affect their family, their colleagues, and finally the whole market. It seems that the Chinese wisdom of collectivism still shines in Saudi Arabia, despite all these differences between two different cultures. Yeah, and I think this kind of strategy is quite successful to some extent, And is this kind of strategy really appropriate and effective?

And from a long perspective how can this kind of approach be promoted to more intercultural business case that can guide more companies to achieve greater success in overseas markets Okay so of course it is effective as my teammates have mentioned The local market share grows up, and they establish a very loyal community that their customers are constantly buying their delivery services.

And besides on the surface, it also deep down showcases that our Chinese local companies are able to go on to the global international stage and compete with those tight ends. And this is not some goal that is so far away. And if we take it step by step, it can be achieved on the long term. And that leads to how can we make these kinds of cultural adaptations. So on a cognitive level, I think local companies should establish the discrete abilities to think about and analyze the risk, as the risk is very important in terms of the commercial activities.

And also, since they're embracing the local market, so an open heart and adaptations to the local culture would be also important. On the behavioral level, in order to achieve the two cognitive thoughts, they should first learn to analyze the local market and their customer behaviors. And secondly, we can see that from their choices of locations, you should also learn to test the waters and try to achieve your goals step by step and do not rush into the final goals.

For example, like rushing to compete with the tech giants directly. Yeah. So, ladies and gentlemen, after analyzing the key factors of these scenarios, we truly understand what strategies Meituan used to achieve such great success. And also, we can learn how Meituan used some effective cultural strategies to overcome the potential barriers.

So we know that if a business company wants to succeed overseas, I think the most important thing is to balance its economic benefits with its cultural sensitivity. And by doing so, this kind of company can truly suit the needs of the contemporary customers abroad and while respecting the textures of diverse cultures all over the world.

And I think only in this way can these companies truly achieve in a global dialogue. And that's all. Thank you.