Shares of Chinese food delivery giant Meituan fell sharply on Thursday after the company denied online rumors of massive layoffs.
Hong Kong-listed shares dropped 6.1% to HK$72.95, hitting their lowest since February 2024.
Chinese social media posts claimed the company planned to cut up to 50% of staff in certain product roles. Meituan employees publicly denied the reports.
The company's 2026 spring campus recruitment program remains open, covering technology, product, and operations roles.
The selloff highlights investor sensitivity to cost-cutting in China's tech sector amid slowing consumer demand and fierce competition in food delivery and instant retail.
Meituan faces growing pressure from rivals JD.com and Alibaba-backed Ele.me, which have increased subsidies and promotions to gain market share.
