Analysts are urging investors to stay away from shares of Chinese tech firm Meituan Dianping, with the company's stock in the doldrums since it listed last September.
Analysts are urging investors to stay away from shares of Meituan Dianping, with the company's stock in the doldrums since its initial public offering last September.
"We initiate coverage of Meituan Dianping with a non-consensus Sell rating, as the market does not appear to be fully discounting the negative knock-on effects from the escalating competitive pressures across its segments and dependence on subsidies which result in a longer-than-expected turnaround," the analysts said.
"I do think Meituan has a lot to prove to justify their valuation," said Jackson Wong, associate director at Huarong International Securities. Since rising more than 5 percent on the day of its initial public offering in 2018, Meituan Dianping's stock has consistently traded at levels below its debut day closing price of 72.65 Hong Kong dollars per share. It closed at 50 Hong Kong dollars on Wednesday.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Microsoft says tech firm that Beijing allegedly uses to track Muslims lies about a 'partnership'SenseNets, a Chinese company that makes facial recognition technology which is used by Beijing to track the country's Uighur Muslim population, says Microsoft is a partner. But Microsoft says it has no connection with the controversial firm.
Read more »
Facebook under criminal investigation over data-sharing deals with tech firmsFederal prosecutors are looking into the social networking giant's sharing deals with other big tech companies.
Read more »
Facebook under criminal investigation over data-sharing deals with tech firmsFacebook under criminal investigation over data-sharing deals with tech firms originally appeared on abcnews.go.comFacebook is under a criminal investigation over its data-sharing agreements with major technology firms and manufactures, ABC News has confirmed.Federal prosecutors in the Eastern District
Read more »
Shares of Xiaomi plunge despite the Chinese tech giant besting earnings expectationsChinese smartphone maker Xiaomi saw its stock swoon during Wednesday trade despite posting a fourth-quarter earnings report that beat expectations the previous day.
Read more »
Investors should be 'kicking the tires' on these undervalued stocks, analysts sayCNBC combed through Wall Street research over the last week to see where analysts are finding value.
Read more »
Amazon's focus on boosting profits could raise shares by 25%, KeyBanc analysts sayClosing pop-up stores, pushing the grocery business and focusing on advertising all will help Amazon boost profits, KeyBanc analysts said as they boosted the online retailer's price target.
Read more »
Buy Boeing shares because the 737 Max is 'too big to fail,' analyst saysAnalysts at Berenberg are calling Boeing a 'tough sell' as they see the 737 Max model that had two deadly crashes 'too big to fail.'
Read more »
Netflix CEO breaks with big tech, says his firm is actually a media companyNetflix CEO Hastings argued that his company is more of a media company than a tech company because it spends most of its money on content.
Read more »
Chinese police say they used ‘minimum’ pepper spray to disperse fuming parents in food safety scandalHundreds of parents took to the streets in southwestern China to protest after their children were fed moldy food at a highly rated private school.
Read more »
Tech firms ramp up efforts to woo the energy industryDespite Silicon Valley's professed support for clean power, it views the energy industry as a huge opportunity
Read more »