Meituan shares drop over 4% in Hong Kong trade

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Meituan shares drop over 4% in Hong Kong trade

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Shares of Meituan, a Chinese on-demand services platform, fell more than 4% in Hong Kong trading on June 25 to HK$64.75 (US$8.2), their lowest level in a year.

The decline reduced the company’s market value to about HK$400.4 billion (US$51 billion).

Meituan shares have come under pressure as competition intensifies in China’s local services and instant retail markets.

Meituan’s market value was about HK$500 billion (US$63.7 billion) in February.

It has since fallen by about HK$100 billion (US$12.7 billion).

🔗 Source: Yicai

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