Shares of Chinese food delivery app Meituan Dianping plunged on Friday after the company posted its first earnings report since its $4.2 billion IPO in September.
Meituan Dianping's shares dived 11.79 percent on Friday. Shares of its main backer, gaming and social media company Tencent Holdings, fell 1.29 percent. Chinese tech juggernaut Tencent committed $400 million during Meituan's highly anticipated IPO.
Meituan-Dianping, an online platform with services from food delivery to ticketing, announced that its operating losses tripled to 3.45 billion yuan (approx $497 million) in the June to September quarter compared to a year ago.
Revenue for the three months to Sept. 30 rose 97.2 percent to 19.08 billion yuan and overall gross transaction volume grew 40 percent from a year ago.