On July 7, Meituan-W rose 4.54% in regular trading, trading at HKD 79.35/share, with turnover of HKD 1.537 billion. The stock opened lower but quickly recovered as Hong Kong tech stocks rallied collectively, with the Hang Seng Tech Index gaining over 1%.
The rally was driven by multiple catalysts. On July 6, Meituan officially open-sourced its next-generation trillion-parameter large language model LongCat-2.0, featuring 1.6 trillion total parameters with approximately 48 billion active parameters on average. The model is notable as the first domestically trained end-to-end on 50,000 domestic GPU cards without any NVIDIA hardware. Additionally, Meituan conducted consecutive share buybacks on June 29 and 30, repurchasing a combined 2.92 million B-class shares for approximately HKD 200 million, with its CFO explicitly stating that the current share price is severely undervalued.
On the analyst front, Xiangcai Securities initiated coverage with an Overweight rating, citing profit recovery potential, while Citi noted that Chinese internet sector valuations are approaching a bottom and present attractive opportunities. The Hang Seng Tech Index has rebounded over 300 points since bottoming on June 26.
(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.)
