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HKG:3690

17 stories mentioning HKG:3690Updated 16d ago

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Asia

Prosus Unit iFood Files Antitrust Complaint Against Meituan's Keeta in Brazil

Prosus' Brazilian unit iFood filed an antitrust complaint with Brazil's antitrust regulator against Meituan's (HKG:3690) Keeta, accusing the platform of stifling competition through "predatory pricing practices," according to a statement from iFood on Monday.The complaint alleges Keeta operates at a loss per order in Brazil, subsidizing its operations with capital from its Chinese parent to gain market share and eliminate rivals.The petition seeks three measures from the Administrative Council for Economic Defense or CADE, including opening a formal administrative process, imposing a preventive measure to immediately cease below-cost pricing, and granting periodic access to the platform's cost and pricing data.Meituan and Keeta did not immediately respond to' requests for comment.

HKG:3690
Asia

Nomura Adjusts Meituan's Price Target to HK$118 From HK$109, Keeps at Buy

Meituan (HKG:3690) has an average rating of overweight and mean price target of HK$110.60, according to analysts polled by FactSet.

HKG:3690
Unitree Surges 460% in Blockbuster Shanghai Debut as Investors Bet Heavily on Robotics
US Markets

Unitree Surges 460% in Blockbuster Shanghai Debut as Investors Bet Heavily on Robotics

Unitree Robotics' (SHA:688836) closed 460% higher at 845 yuan during its first trading day on the Shanghai Stock Exchange on Wednesday, driven by growing investor optimism surrounding the government's push for embodied intelligence.The robotics company opened at 1,100 yuan, representing a 629% jump from its initial public offering price of 150.80 yuan. The IPO raised 6.1 billion yuan.Unitree's stellar performance pushed its market capitalization to 341.8 billion yuan as of market close.The offering gathered tech and state-backed institutional participants, including AI startup DeepSeek and PetroChina (SHA:601857, HKG:0857) parent China National Petroleum Corp.Prior to the IPO, Meituan (HKG:3690), through its entities Hanhai Information Technology, Galaxy Z and Chengdu Dragon Pearl, held a 9.65% stake in the company, according to Unitree's IPO filings. Following the IPO, they collectively held a combined 8.7% stake now valued at 29.7 billion yuan.Other strategic investors include Tencent Holdings (HKG:0700) through Tencent Technology and Alibaba Group (HKG:9988) through affiliate Hangzhou Haoyue.Unitree's listing has established a "publicly available valuation benchmark from the A-share market for the first time," according to trade body China Mobile Robot Alliance (CMRA).Analysts at Nomura said Unitree could reach its potential due to its rapid product iteration and continuous innovation, putting the robotics company at pole position as demand emerges.In the first half of 2026, Unitree's revenue surged 48.5% to 1.15 billion yuan, while attributable net profit stood at 274 million yuan, reversing the 32 million yuan loss a year earlier."Unitree was previously best known for its quadruped robots, but judging from its revenue and shipment structure, the company is rapidly shifting towards humanoid robots," said CMRA.Under China's 15th Five-Year Plan, the government identifies embodied intelligence as a new economic growth point. Beijing has already set out an action plan for humanoid robots and embodied intelligence real-scenario training, according to Xinhua.

HKG:0700HKG:0857HKG:3690HKG:9988SHA:601857SHA:688836
Research

CGS International Upgrades Meituan to Add from Hold; Price Target is HK$105

Meituan (HKG:3690) has an average rating of overweight and mean price target of HK$108.46, according to analysts polled by FactSet.

HKG:3690
Research

Macquarie Upgrades Meituan to Outperform From Neutral; Price Target is HK$113

Meituan (HKG:3690) has an average rating of overweight and mean price target of HK$108.04, according to analysts polled by FactSet.

HKG:3690
Asia

Meituan Faces Roadblocks to Profitability Amid Possible Subsidy War Revival, S&P Says

Meituan (HKG:3690) faces a volatile road back to profitability as potential promotional spending spikes from rivals could reignite sector subsidy wars, S&P Global Ratings said in a recent release.The Chinese delivery giant's first-quarter operating margins rebounded to -7% from -21% during the peak of price competition in the third quarter of 2025, the rating agency said.S&P forecasts the company's EBITDA margins will recover to about 3% in 2026, dependent on a positive EBITDA in the second half of the year through highly targeted subsidies.S&P has a negative outlook on the company, saying that aggressive rival promotions could delay positive free cash flow generation beyond 2026.The company is shifting its focus toward higher net gross transaction value over absolute volume while boosting operational efficiency by deploying Tencent Holdings' (HKG:0700) Yuanbao agentic AI.

HKG:0700HKG:3690
Asia

Nomura Upgrades Meituan to Buy From Neutral, Adjusts Price Target to HK$109 From HK$92

Meituan (HKG:3690) has an average rating of overweight and mean price target of HK$108.72, according to analysts polled by FactSet.

HKG:3690
Research

UOB Kay Hian Upgrades Meituan to Hold from Sell; Price Target is HK$76

Meituan (HKG:3690) has an average rating of overweight and mean price target of HK$109.46, according to analysts polled by FactSet.

HKG:3690
Asia

ICBC Research Upgrades Meituan to Buy from Neutral; Price Target is HK$102.60

Meituan (HKG:3690) has an average rating of overweight and mean price target of HK$109.46, according to analysts polled by FactSet.

HKG:3690
Asia

Jefferies Adjusts Meituan's Price Target to HK$132 From HK$130, Keeps at Buy

Meituan (HKG:3690) has an average rating of overweight and mean price target of HK$109.15, according to analysts polled by FactSet.

HKG:3690
Asia

Meituan Swings to Q1 Loss

Meituan (HKG:3690) recorded a loss of 6.83 billion yuan in the first quarter of 2026, compared with a profit of 10.1 billion yuan a year prior, according to a Monday Hong Kong bourse filing.The Chinese food delivery firm's revenue increased 5.6% to 91 billion yuan from 86.2 billion yuan in the year-ago period.

HKG:3690
Asia

Market Chatter: Meituan's Keeta Food Delivery Arm Faces Brazil Lawsuit for Unfair Business Practices

Meituan's (HKG:3690) food delivery arm, Keeta, faces an unfair competition lawsuit filed by Brazilian food delivery app iFood over alleged unfair competition, Reuters reported Wednesday.Consulting firms allegedly approached iFood employees to obtain confidential business information in exchange for a "significant" amount, according to Reuters.The Prosus-owned food delivery service identified a now ex-employee who received a proposal and met via video call while still with the company, leading to a police probe, the report said.IFood petitioned a business court in Sao Paulo to compel Keeta to alter its business practices and pay the Prosus-owned food delivery arm 1 million reais plus additional compensation, the report said, citing court documents seen by the newswire.Shares rose 1% during morning trading on Thursday.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:3690
Asia

Drone Adoption to Leave Some Chinese Delivery Players Lagging, S&P Says

Chinese e-commerce and delivery platforms' shift to drones could result in laggards among players that fail to adapt, S&P Global Ratings said in a recent release.Major players have already pivoted to airborne delivery with different goals, including Meituan (HKG:3690) which sees the innovation as a key extension of its on-demand delivery efforts, S&P said.Meanwhile, JD Logistics (HKG:2618) considers drones as an efficiency and cost reduction driver, in S&P's view.The rating agency sees the advancement as a positive business risk that offers efficiencies and brand improvement.Failure to adapt drone efforts could sideline other players to commodity services, with no service differentiation other than reduced prices, S&P credit analyst Sandy Lim said.Revenue in the segment could more than double to 3.5 trillion yuan yearly by 2035 from 1.5 trillion yuan last year, with services possibly expanding from drone deliveries to more special means such as flying taxis, S&P said.

Shanghai Composite^SZSEHKG:2618HKG:3690
Asia

China's Major Food Delivery Platform Could Reconsider Subsidies Amid Regulatory Fines, S&P Says

Regulatory fines on China's major food delivery platforms could lead to players veering away from subsidies and instead adopt efforts focusing on quality, S&P Global Ratings said in a Monday release.The fines point to authorities' efforts to tone down heightened competition, or involution, in the segment, S&P said.The regulatory move will enable major players such as Meituan (HKG:3690), Alibaba (HKG:9988), and JD.com (HKG:9618) to focus on quality rather than on subsidies, which could lead to better profits after a decline last year, the rating agency said.However, long-term impact will depend on whether the rule will be thoroughly enforced, S&P said.

Shanghai Composite^SZSEHKG:3690HKG:9618HKG:9988
Asia

China Fines Food Delivery Operators for Failing to Vet Sellers

China's market regulator fined leading food delivery operators a total of 3.60 billion yuan for failing to filter out unqualified sellers, according to a notice released Friday.Among those fined are Alibaba's (HKG:9988)Ele.me, Taobao, and Tmall, TikTok's Douyin, as well as Pinduoduo and Meituan (HKG:3690), the State Administration for Market Regulation said.China also fined the legal representatives and food safety directors of the companies a total of 19.7 million yuan.The decision comes after a series of probes on so-called "ghost deliveries" in which merchants affiliated to delivery operators used fake locations and licenses, Bloomberg reported separately.

HKG:3690HKG:9988
Asia

Heightened Competition in China's On-Demand Delivery Segment Raises Risk of Lingering Price War, S&P Says

Continued elevated competition between major companies in China's on-demand delivery market raises the risk of a persistent price war amid a delay in subsidy reductions until 2028, S&P Global Ratings said in a recent release.These create adverse conditions for all players, S&P said.Major platform operators Meituan (HKG:3690), JD.com (HKG:9618), and Alibaba Group Holding (HKG:9988) have allocated significant spending to seize a share of the on-demand delivery markets, such as food and online retail, S&P senior analyst Jay Lau said.These fast-paced segments account for more than 6% of China's retail sector, S&P said.The negative impact of the price war will be greater than expected, continuing the negative trend on major players' EBITDA since 2025, Lau said.

Shanghai Composite^SZSEHKG:3690HKG:9618HKG:9988
Asia

Meituan Grants Restricted Share Units

Meituan (HKG:3690) said it granted 79.3 million restricted share units to its employees and certain service providers, according to a Hong Kong bourse filing Monday.Shares of the Chinese food delivery firm were down over 1% in morning trade Tuesday.Of the total, around 79.2 million RSUs were granted to employee participants, while 142,654 RSUs granted to service providers.

HKG:3690

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