MEITUAN-W (03690.HK) Reportedly Plots Entry Into Lift Advertising Biz; FOCUS MEDIA Plunges ~5%

　　Mainland media reported that the WeChat public account of “Meituan Food Delivery Co-operative City” (literal translation of “美團外賣合作城市”) posted a message saying that MEITUAN-W (03690.HK) +1.200 (+1.044%) Short selling $575.82M; Ratio 19.648% is planning a lift advertising business. The public account is affiled with by Beijing Sankuai Online Technology, a related company of MEITUAN, and is protected by the trademark of “Meituan Food Delivery”.

　　The post said MEITUAN is planning to recruit lift media advertising franchisees in the lower-tier cities. MEITUAN will provide equipment and business support, while the franchisees will be responsible for matters including set-up of equipment, sales and production of advertisements.

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　　MEITUAN is interested in partners that are currently engaged in the offline advertising business, possess community or business district property assets, have an advertising client base, and have advertising sales experience in lower-tier cities, while also having sufficient start-up capital and company strength.

　　As the news circulated on Chinese social media platforms, FOCUS MEDIA (002027.SZ) -0.280 (-4.651%) , a media advertising company focusing on lifts listed on the SZSE, once crashed nearly 7% in the afternoon. It closed plummeting 4.7% at RMB5.74. MEITUAN meanwhile closed at HK$116.1, rising 1%.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-11 16:25.) (A Shares quote is delayed for at least 15 mins.)

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