Stock Track | Meituan Shares Plunge as Weak China Loan Data Stokes Growth Worries

Stock Track11-12

Shares of Chinese food delivery and retail giant Meituan plummeted nearly 6% on Tuesday after data showed a sharp slowdown in new bank lending in China last month, stoking fresh concerns about the nation's economic growth prospects.

According to figures released by the People's Bank of China, Chinese banks extended just 500 billion yuan ($69.5 billion) in new yuan loans in October, well below analysts' expectations and marking a dramatic drop from September's lending levels. The weaker-than-expected credit growth highlights fragile domestic demand in the world's second-largest economy.

The disappointing lending data compounded worries that had already been simmering among investors after Beijing announced a stimulus package on Friday that fell short of market expectations. The moves stoked fears that the government's efforts may not be enough to shore up growth amid continued COVID-19 disruptions and a struggling property sector.

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