Matthew Kwok: Market Held Back Ahead of FOMC Meeting; MEITUAN Share Price Expected to React Positively

Independent stock commentator Matthew Kwok noted that the Hong Kong market was repeatedly pressured by lower expectations of interest rate cuts and a weakening RMB. $Hang Seng Index(800000.HK)$ fell below 18,000 but narrowed losses by the end of the session with vibrant trading. Ahead of the FOMC meeting, the market remained cautious. The index might test 18,000 support again, with resistance around 19,000.

Industry News:
$MEITUAN-W(03690.HK)$ reported Q1 adjusted earnings of RMB 7.488 billion, up 36.3% YoY, beating expectations. Revenue grew 25% YoY to RMB 73.276 billion. The core local commercial segment's revenue increased by 27.4% YoY to RMB 54.6 billion. Operating profit rose 2.7% YoY to RMB 9.7 billion, with a 17.8% margin.

MEITUAN optimized its strategy for Meituan Select, focusing on operational improvement and high-quality growth. The company aims to further enhance efficiency, product selection, and fulfillment capabilities. New business initiatives showed progress, adding strategic value and synergies with the core division. The market reacted positively, with solid core business performance and narrowing losses in new initiatives. Kwok expects MEITUAN's share price to react positively. $Meituan ADR(MPNGY.US)$ $Meituan(ADR)(MPNGF.US)$