$Meituan(03690)$ is growing into a one-stop local service provider, partner and platform ecosystem for consumers, merchants, and suppliers. Meituan’s 1Q21 results came in above expectations, with robust results across all 3 business segments. Non-IFRS net loss of RMB3.9b came in slightly better than consensus expectation of a loss of RMB4.0b. On the ongoing investigation by the SAMR, Meituan notes that exclusive partnerships have been prohibited, but there has not been any significant impact on its day-to-day operations. On rider benefits, Meituan plans to cover additional injury-related insurance for its 1P riders, which we believe adds up to ~RMB0.05 of extra rider costs per delivery, likely to be less than what the market had feared in our v