Meituan Dianping, the Chinese “everything app” that raised $4.2bn on the public markets in Hong Kong in September last year, posted growing losses in the fourth quarter after its attempts to create new business lines increased costs.
Meituan promises to serve all the needs of Chinese consumers, offering food delivery to pet-shop ratings, tickets to at-home massage services.
But investors who bought Meituan shares in an IPO that valued the company at $53bn have seen the company’s share price since fall by about a fifth.
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