Stock Track | Meituan Surges on Upbeat Outlook and Profitability Improvement
Shares of Chinese delivery giant Meituan soared 5.10% during intraday trading on August 30, 2024, as investors reacted positively to the company's promising outlook and improved profitability.According to a research note from Morningstar analyst Kai Wang, Meituan's second-quarter results showed significant profitability improvement, despite facing intense competition in its in-store and hotel businesses. The company has been promoting lower-value transactions to cater to Chinese consumers' need