Nov 28, 2022 08:25 PM

TECH

Meituan Posts Surprise Profit Soon After Tencent Announces Exit

By Du Zhihang and Ding Yi

A food delivery courier walks through the Nanjing Confucius Temple Scenic Area on Sunday. Photo: VCG

A food delivery courier walks through the Nanjing Confucius Temple Scenic Area on Sunday. Photo: VCG

Food delivery giant Meituan saw its stock pop on Monday after reporting its first profitable quarter in almost two years, just weeks after longtime backer Tencent Holdings Ltd. announced it would give away almost its entire stake in the platform.

Meituan’s shares traded up 2.05% on Monday to close at HK$139.40 ($17.84). The company’s share price has dropped by nearly 40% since the beginning of this year.

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