From CNBC: 2024-06-09 08:38:15

Meituan, China’s largest food delivery platform, reports increased spending on travel experiences, prompting HSBC to raise the stock’s price target. The tourism industry in China is growing despite a slower economic environment, resembling the U.S. trend post-pandemic. H World, a hotel operator, is a top pick for Bank of America Securities and Goldman Sachs, with growth potential due to value-focused consumption trends and inbound visits. Meituan’s in-store, hotel, and travel business saw over 60% growth in the first quarter, with domestic hotel bookings exceeding pre-pandemic levels. Neil Shen, a noted Chinese investor, is Meituan’s non-executive director and also holds positions in Trip.com and BTG Hotels Group. BTG Hotels Group, which opened 205 hotels in the first quarter, saw significant growth and a buy rating from Jefferies analysts. Trip.com reports a surge in domestic summer vacation bookings compared to 2023, showcasing a rebound in the Chinese tourism industry.



Read more at CNBC: China’s consumers are spending on experiences. Travel stocks to watch