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.
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