Meituan swings to deep Q3 loss

Meituan posted a Q3 net loss of RMB 18.6 billion as heavy incentives and promotional spending in food delivery drove its core local business to a RMB 14.1 billion operating loss. Revenue rose 2% YoY to RMB 95.5 billion, while new initiatives delivered 16% growth but remained in the red. The company warned losses will persist amid overheated competition.