In brief: China’s Meituan Dianping posts first profit since listing

• Meituan Dianping, an online food delivery-to-ticketing company, posted its first quarterly profit as a listed firm as a surge in summer food delivery orders helped it beat competition from rivals including Alibaba-backed Ele.me, Reuters reported.
• Tencent-backed Meituan said profit increased to 875.8 million yuan (US$123 million) in the three months ended June 30, compared with a loss of 7.72 billion yuan (US$1.1 billion) in the year-ago period.
• The results were driven by the company’s food delivery segment, which accounts for more than half of its revenue, as it also achieved positive adjusted operating profit for the first time, said company chairman and chief executive Wang Xing.

Currency converted from Chinese yuan to US dollar: US$1 = 7.15 yuan.