Meituan plans to buy back shares; CEO Wang Xing says he has never sold a share since the company was founded
Summary
Meituan says it plans to buy back shares after management said the market has undervalued the company. CEO Wang Xing said he has never sold a share since the company’s founding and does not plan to do so. The article also reviews Meituan’s recent financial pressure from delivery subsidies, competition, and regulatory scrutiny in China. It notes that Meituan is still investing heavily in AI to improve its core local services and develop its AI assistant and foundation model efforts.
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