Meituan-W dropped 5.7% to HKD 73.25 after rumors circulated that the company would cut up to 50% of product roles. Meituan staff denied the claims and said the 2026 spring campus recruitment channel remains open. Turnover reached HKD 1.73 billion with short selling accounting for 19.2% of total volume.
Meituan-W fell 5.7% to HKD 73.25 after market rumors said the company would cut as many as 50% of product roles, marking its sharpest single-day decline in recent months.
"The information is not true," a Meituan staff representative said, noting that the company's 2026 spring campus recruitment channel remains open as usual.
The stock touched an intraday low of HKD 73.05, with turnover reaching HKD 1.73 billion on 23.1 million shares traded. Short selling accounted for HKD 509 million, or 19.2% of total turnover, suggesting elevated bearish positioning during the session. The stock opened 0.64% lower before accelerating losses as the rumors spread across social media platforms.
The sharp decline and the rumor's persistence risk eroding investor confidence in Meituan's growth outlook, even as the company maintains its hiring plans for new graduates. The stock has faced pressure this year as broader concerns about China's consumer spending recovery and regulatory direction for the food-delivery and local-services sector weighed on the stock. Meituan's second-quarter earnings report will be the next major event, where investors will look for signs of margin stability as competition intensifies with Douyin and other rivals.
This article is for informational purposes only and does not constitute investment advice.
