Meituan intends to buy back up to 1 billion US dollars of shares.

According to CTOnews.com news on November 29, Meituan Wang Xing said that the board of directors has authorized to buy back up to $1 billion (CTOnews.com Note: currently about 7.16 billion yuan) of shares, but this will depend on the company's cash position, as Meituan is planning to invest in new initiatives and explore overseas investments. The share buyback will begin on December 1.

With effect from December 1, 2023, in accordance with the general share repurchase authority adopted by the shareholders of the Company at the annual general meeting held on 30 June 2023 and any subsequent general share repurchase authority (if applicable) approved by the shareholders from time to time, shares of the Company not exceeding US $1 billion in total amount have been repurchased in the open market from time to time.

Meituan yesterday released results for the third quarter of 2023, with revenue of 76.47 billion yuan, compared with 62.62 billion yuan in the same period last year, an increase of 22.1% over the same period last year, and the market is expected to be 76.009 billion yuan.

"the board believes that the company's current financial resources will enable it to implement share buybacks while maintaining a sound financial position," Meituan said in the announcement document. "

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"Meituan's Q3 revenue in 2023 was 76.47 billion yuan: an increase of 22.1% over the same period last year, higher than market expectations."