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    3690   KYG596691041

MEITUAN INC.

(3690)
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Delayed Hong Kong Stock Exchange  -  04:08 2022-06-30 am EDT
194.20 HKD   -4.24%
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China stocks close up as Shanghai COVID situation improves, tech giants soar

05/17/2022 | 04:42am EDT

SHANGHAI, May 17 (Reuters) - China stocks ended higher on Tuesday, as Shanghai achieved a key COVID-19-related milestone required to ease restrictions, while tech giants and Hong Kong shares logged the biggest jump in six weeks following reports about a meeting by a top political consultative body to promote the digital economy.

Both internet firms listed in Hong Kong and the Hang Seng benchmark surged the most since April 29, when authorities vowed at the top-level Politburo meeting to step up policy support to stabilise the economy and financial markets.

** The blue-chip CSI300 index ended 1.3% higher at 4,005.89, while the Shanghai Composite Index gained 0.7% to 3,093.70 points.

** The Hang Seng index rose 3.3% to 20,602.52, while the China Enterprises Index gained 3.7% to 7,076.80 points.

** Shanghai reported a long-awaited milestone of three straight days with no new COVID-19 cases outside quarantine zones — the "zero COVID" status. A nationwide caseload also declined, with 1,100 new cases reported on Monday, down from 1,227 infections on Sunday.

** Shanghai plans to resume outdoor activities in stages, with most restrictions on movement remaining in place until May 21. The lockdown is likely to be lifted by June.

** "The good news is the headline COVID-19 case number has been falling," Nomura wrote in a note, but "we are not at a turning point yet."

** "The outlook for economic fundamentals and most financial assets in coming months will be largely determined by Beijing's stance on its zero-COVID strategy rather than the number of daily cases."

** China's state planner will strengthen support for manufacturers, the service sector and small firms, it said on Tuesday, as the country's retail and factory activity fell sharply in April due to wide lockdowns.

** Semiconductors and new energy firms gained 3.6% each, and automobiles surged 4.2%.

** Chinese Vice-Premier Liu He is scheduled to speak at a Tuesday meeting with tech executives that has been convened by the country's top political consultative body to promote the development of the digital economy, sources told Reuters.

** The meeting is being closely watched for remarks by Liu and others for clues as to how far Chinese authorities will go in easing a regulatory crackdown on the tech sector which has been going on since late 2020.

** J.P. Morgan analysts upgraded some Chinese internet companies on Monday and expect "significant uncertainties" faced by the sector to abate following recent favourable regulatory announcements.

** The Hang Seng Tech Index climbed 5.8%, with index heavyweights Alibaba Group, Tencent Holdings and Meituan up between 5.2% and 7%. (Reporting by Shanghai Newsroom; editing by Uttaresh.V and Krishna Chandra Eluri)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 2.04% 116 Delayed Quote.-2.35%
HONG KONG HANG SENG -0.62% 21859.79 Delayed Quote.-6.57%
MEITUAN INC. -4.24% 194.2 Delayed Quote.-13.84%
NOMURA CO., LTD. -2.04% 911 Delayed Quote.-4.41%
NOMURA CORPORATION 0.11% 947 Delayed Quote.8.11%
S&P/CITIC 300 INDEX -0.39% 4079.1 Real-time Quote.-9.17%
S&P/CITIC 50 INDEX -0.67% 3930.34 Real-time Quote.-6.33%
TENCENT HOLDINGS LIMITED -2.90% 354.4 Delayed Quote.-22.42%
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Financials
Sales 2022 218 B 32 479 M 32 479 M
Net income 2022 -14 363 M -2 144 M -2 144 M
Net cash 2022 53 049 M 7 919 M 7 919 M
P/E ratio 2022 -72,6x
Yield 2022 -
Capitalization 1 025 B 153 B 153 B
EV / Sales 2022 4,47x
EV / Sales 2023 3,31x
Nbr of Employees 100 033
Free-Float 71,1%
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Number of Analysts 45
Last Close Price 165,79 CNY
Average target price 201,72 CNY
Spread / Average Target 21,7%
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Managers and Directors
Xing Wang Chairman & Chief Executive Officer
Shao Hui Chen Chief Financial Officer & Senior Vice President
Heung Yeung Shum Independent Non-Executive Director
Xue Song Leng Independent Non-Executive Director
Gordon Robert Halyburton Orr Independent Non-Executive Director
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