Movement Alert｜MEITUAN-W Falls 3.29% in Regular Trading, Batch Account Fraud via Monthly Pay Feature Sparks Market Concerns

Market Focus07-31

On July 31, MEITUAN-W fell 3.29% in regular trading, trading at 89.65 HKD/share, with turnover of 4.88 billion HKD. The decline comes as market sentiment was dampened by reports of a widespread account fraud incident involving the platform's Monthly Pay function.

Multiple users across various cities reported their Meituan accounts were used for unauthorized bulk purchases in remote locations without their knowledge. The stolen funds were deducted through Meituan's Monthly Pay feature, with all affected users having enabled password-free payments for transactions under 500 yuan. Some users suffered losses of several thousand yuan. On July 30, Meituan officially responded that the affected users were likely victims of a new type of telecom fraud, where criminals used trojan programs to remotely control victims' phones, batch-purchasing group-buy vouchers and reselling them on secondhand platforms. Meituan stated it has upgraded risk control strategies, restricted group-buy voucher transfer paths, and taken offline proxy-payment capabilities for high-risk categories.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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