Meituan Wang Xing responds to low stock price: will try to give market confidence while calling for industry rationality.

[Caixin] Meituan’s share price has continued to languish, and Meituan (03690.HK) plans to launch a share buyback. On June 26, at Meituan’s annual general meeting of shareholders, Meituan CEO Wang Xing responded to the company’s weak share price, saying that on the one hand, Meituan will actively respond by operating the company well, and on the other hand, it calls on the entire industry to develop more rationally. In addition, he added that Meituan will also take other measures to give the market more confidence—for example, Meituan has some good investments externally, which may deliver good returns upon listing, and Meituan will consider exiting proactively when appropriate.

Meituan CFO Chen Shaohui said that the company’s value is currently seriously undervalued, and Meituan plans to conduct a share buyback. Wang Xing also emphasized that he personally has not sold even a single share since the company’s establishment, and that there is no plan to sell shares. In June 2021, Wang Xing transferred the 10% shares he held to a personal fund, worth about 16 billion yuan. He stressed at the shareholders’ meeting that this action was entirely for public-benefit purposes and is irrevocable.