Meituan continues to face pressure on Covet: Island of Desireits Hong Kong-listed shares, following a fall that has left shares worth less than its IPO price of HK$69 by Wednesday’s close, plunging the company’s market value more than 80% below its peak of three years ago. The food delivery giant spent a total of HK$2.4 billion in share buybacks on six consecutive trading days since Jan.10, but this appears to have had a limited impact on ebbing stock prices. Investors have lowered their confidence in Meituan as the company struggles with aggressive competition from peers including ByteDance and slowdown concerns about its core takeout business. [TechNode reporting]
