** Shares of China's largest food delivery group Meituan 3690.HK rise 3.8% to HK$146
** Fitch Ratings upgrades Meituan's long-term issuer default rating to "BBB+" from "BBB" and says the outlook is positive
** Says the upgrade reflects Meituan's enhanced profitability and strong free cash flow generation over the last 12 months
** The positive outlook reflects Meituan's strong competitive advantage in core local commerce segment will increase user penetration and drive EBITDA growth, enabling it to accelerate investments in new initiatives and AI-related capex - Fitch
** Hang Seng Tech Index .HSTECH rises 1.3% while Hang Seng Index .HSI slips 0.4%
** Stock down 5.5% YTD
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))
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