On July 8, Meituan-W rose 3.13% in regular trading, trading at HKD 80.15/share, with turnover of HKD 960 million. The stock has now rallied for multiple consecutive sessions following the formal open-sourcing of its trillion-parameter large language model LongCat-2.0.

On July 6, Meituan officially open-sourced LongCat-2.0 model weights, inference engine, and core technical documentation. The model features 1.6 trillion total parameters with approximately 48 billion average activation, and is the first trillion-parameter model to complete full training and inference on a 50,000-card domestic computing cluster with zero NVIDIA content. Domestic chip firms including Huawei Ascend, Moor Threads, and Muxi simultaneously announced Day-0 inference adaptation. China International Capital Corporation noted the open-source release proves domestic computing power can support full-pipeline training and inference for trillion-scale models, accelerating a closed-loop domestic AI ecosystem.

Additionally, Meituan repurchased approximately 2.92 million B-class shares on June 29-30 totaling around HKD 200 million, with its CFO stating the current share price is severely undervalued. Xiangcai Securities initiated coverage with an Overweight rating, citing profit recovery potential.

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