Meituan Becomes Third Largest Internet Company in China

(Source: Meituan)

Chinese food delivery platform Meituan closed at HK$89 per share on October 8, up 5.08% from the previous day, reaching an all-time high of HK$89.25 per share with a market capitalization of HK$516.2 billion ($65.8 billion).

The valuation makes Meituan the third largest listed Internet company in China following Alibaba ($428.3 billion) and Tencent ($394.3 billion).

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As the pillar business of Meituan, the financial report shows that the transaction amount of Meituan food and beverage delivery business in the second quarter of 2019 was 93.1 billion yuan, up 36.5% year-on-year; the number of food and beverage delivery orders was 2.1 billion yuan, up 34.6% year-on-year. The average value increased by 1.4% year-on-year.

According to an analyst from Tiger Securities, Meituan and Tencent are currently the two kings of Hong Kong stocks. Data showed that Tencent Holdings had a turnover of HK$4.967 billion yesterday, while Meituan’s turnover approached HK$3.238 billion.