China reopening dampens Meituan’s outlook

China’s food delivery market – the world’s biggest – feasted on surging demand for takeouts during Covid lockdowns.

SHANGHAI: Growth for China’s food delivery giant Meituan has peaked as competition heats up in the US$145bil (RM642.5bil) industry, says a China tech analyst, who is the lone bear on the Hong Kong-listed stock.

“Other players will start to take shares from Meituan – this becomes especially so when there’s a lack of growth anywhere in the industry,” Barclays Plc’s Jiong Shao, the only analyst who has a “sell” call on the stock, said in an interview with Bloomberg News last week.