On July 9, Meituan-W declined 3.03% in regular trading, trading at HK$78.4/share, with turnover of HK$1.988 billion. The pullback comes after the stock surged over 15% across the prior five trading sessions driven by the open-source release of its LongCat-2.0 large language model.

On the news front, China's State Administration for Market Regulation disclosed that it fined seven e-commerce platforms a combined RMB 3.597 billion in the first half of the year for \"involutionary competition\" practices. As a leading platform enterprise, Meituan is among those potentially impacted by the regulatory crackdown, dampening market sentiment. Additionally, profit-taking pressure appears elevated following the stock's rapid ascent from its June 26 low, with market participants noting that the recent rally exhibited characteristics of a technical relief bounce within a broader consolidation phase.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)