China’s biggest food delivery app, Meituan Dianping, said sales had bounced back in May after suffering a near 13 per cent drop and widening losses as the coronavirus crisis hit its first-quarter results.
But the company said food delivery orders had bounced back to 90 per cent of their pre-pandemic level by mid May, while its group-buying business was back to 80 per cent and hotel booking exceeded 70 per cent. Ahead of the results, Meituan’s share price was up 6 per cent in Hong Kong.
Wang Xing, Meituan’s chief executive, said there had been a “dramatic drop in our food delivery volume” from the end of January to late February, but the company still posted a better set of quarterly results than analysts expected.
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