HK Stock Market Move | MEITUAN-W (03690) rose by nearly 3% during trading. Yushutech surged on its first listing, and Meituan's stake has seen a paper profit exceeding 30 billion yuan.

MEITUAN-W (03690) rose nearly 3% during trading, and as of the time of writing, it has increased by 2.34%, priced at HKD 87.55, with a trading volume of HKD 1.245 billion. In terms of news, on August 19, Yushu Technology officially listed on the A-share Sci-Tech Innovation Board, opening at RMB 1,100 per share, a high increase of 629.44%, with a total market value reaching RMB 444.9 billion. Prior to this issuance, Meituan was the largest external institutional shareholder of Yushu Technology, holding approximately 9.65% of the shares through three entities: Hanhai Information, Galaxy Z, and Chengdu Longzhu. After the issuance, the total stake of these three entities is approximately 8.68%, corresponding to about RMB 38.6 billion at the latest market valuation, with an unrealized gain exceeding RMB 30 billion. Additionally, Meituan is expected to announce its second quarter performance at the end of August. Citi anticipates that the company's performance will meet or slightly exceed expectations, maintaining its existing forecasts: a total revenue growth of 10.7% year-on-year to RMB 101.7 billion, and an adjusted net profit of approximately RMB 633 million, compared to market expectations of RMB 100.9 billion and RMB 270 million. Under the regulatory scrutiny of subsidies and competition, the bank believes that the unit economic efficiency of the takeaway business may recover faster than expected, potentially driving better performance.