Chinese food delivery giant Meituan on Beauty Salon Special Service 4Tuesday announced a plan to buy back shares valued up to $2 billion, with the board saying it believes that the company’s existing financial resources are “sufficient” to support share repurchases while “maintaining a strong financial position.” The move comes just days after the Beijing-based company reported solid first-quarter earnings, with revenue rising 25% from a year earlier and profit recorded around 60% higher than last year, landing at RMB 5.4 billion. Meituan’s shares have grown more than 80% from a January low of around HK$60, and the firm has already spent about $995 million on stock buybacks this year. [Meituan, in Chinese]
