On-demand food delivery platform will shut on April 7; company cited tough competition and financial losses as reasons for closure.

Food delivery firm Deliveroo said Monday that it would end operations in Hong Kong next month after striking a deal with local competitor foodpanda. Deliveroo will close its operations by selling some assets to Singaporean firm foodpanda and by closing other assets,

London broker Panmure Liberum has described takeaway giant Deliveroo as “underappreciated” after its Hong Kong exit. It added that concerns the company could be pushed out of other international markets by better-funded competitors were “noise”.

Online food delivery firm Deliveroo said on Monday it is leaving Hong Kong for financial reasons, after operating in the SAR for nine years. Its

Analysts at Panmure Liberum said Deliveroo's exit from Hong Kong was a "sensible" move as concerns the company could be pushed out of some international markets by better-funded rivals were "noise"

(Reuters) -British meal delivery company Deliveroo said on Monday that it will exit its Hong Kong operations by selling some assets to Delivery Hero's foodpanda for an undisclosed amount, and by closing other assets.

British online food delivery company Deliveroo will pull out of the Hong Kong market next month, after nine years. It told customers it was unable to provide a “great service,” while a press release said continued operations in Hong Kong did not serve their shareholders.