Meituan Surges 10% as CEO Moves to Address Antitrust Concerns
- Food delivery giant’s shares rise more than 10% in Hong Kong
- Plans to change practices that sparked an antitrust probe
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Chinese food-delivery giant Meituan’s shares jumped more than 10% after Chief Executive Officer Wang Xing unveiled better-than-expected financial results and detailed plans to address government concerns about its business practices.
Shares surged after the company’s first-quarter revenue more than doubled from the year-earlier period, and Xing said the company is working with regulators to make changes to its business. That has kept most analysts positive on the stock even as some have slashed price targets to account for new investments.