BUZZ-Chinese food deliverer Meituan hits 4-month peak as revenue beats mkt view

Reuters03-25

** Shares of Chinese food delivery giant Meituan rise 9.7% to HK$96.80, their highest since Nov. 28

** Stock marks biggest one-day pct rise since March 1; biggest pct gainer in Hang Seng Tech Index and Hang Seng China Enterprises Index , third-biggest in Hang Seng Index

** Meituan on Friday reported a bigger-than-expected 22.6% rise in quarterly revenue, defying a slowing Chinese economy and bolstering its ambitions to expand into other markets

** Co also reported net profit of 2.2 bln yuan ($305.7 mln) as compared to loss of 1.08 bln yuan a year earlier

** Citi maintains "buy" rating and raises target price to HK$128 from HK$113 as "Meituan reported better-than-expected 4Q23" and "offers faster top-line growth"

** Hang Seng Tech Index slips 0.1% while Hang Seng China Enterprises Index climbs 0.3% and Hang Seng Index

adds 0.2%

** Stock up 15.8% YTD

($1 = 7.1976 Chinese yuan renminbi)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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