Meituan Shares Jump 10% After Results Defy China Consumer Slump

(Bloomberg) — Meituan’s stock gained its most in about six months after China’s meal delivery leader beat quarterly results estimates and unveiled a $1 billion buyback, positive signals for investors increasingly worried about domestic consumer malaise.

The shares climbed as much as 9.7%, the biggest intraday gain since early March. Meituan’s outperformance suggested the restaurant delivery business remained resilient, despite worries about a deepening economic downturn seeping into even low-cost arenas. It also underscored how Meituan is beating back rivals like Kuaishou Technology and ByteDance Ltd., which have joined Alibaba Group Holding Ltd. in its main market.