The Chinese food delivery app Meituan Dianping said its operating losses trebled in the third quarter to Rmb3.45bn ($497m) as it posted its first results since raising $4.2bn on the Hong Kong market in September.
Meituan, in which Tencent is a major investor, is one of a clutch of Chinese tech companies that is rapidly growing revenues, but lifting the cost of generating them even faster.
In Meituan’s case, it is locked in a discounting war with rival Ele.me, which is backed by Alibaba and SoftBank. Meituan said that the cost of its promotions had risen by 14 per cent to Rmb1.5bn in the quarter.
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