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Meituan spends $51 million on first share buyback as investor confidence runs low
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TechNode
Details: The food delivery service provider bought back a total of 5.63 million Class B shares, costing an average of HK$71.07 each, according to its latest filings.
Meituan’s stock price responded by rising 5.4% today in Hong Kong.
Last year, the firm’s Hong Kong-listed stock slumped by more than half and dropped 82% from its 2021 peak.
Meituan’s sister app KeeTa has risen to become the second-largest food delivery platform in Hong Kong since its launch in May.
Context: Besides Meituan, China’s most valuable tech firms including Alibaba and Tencent have exhibited a downward trend in share price that has lost them hundreds of billions of dollars since their peak around 2021.
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