Meituan and JD.com lead Asian stock markets' recovery

40% of big caps surpass pre-COVID value as third quarter ends

20200930 Meituan stock

Chinese food delivery provider Meituan's market cap rose more than 140% to $183 billion, backed by strong growth in orders amid the coronavirus pandemic. (Source photos by AP)

KENTARO IWAMOTO, Nikkei staff writer

SINGAPORE -- Investors have returned to Asian stock markets to seek post-pandemic opportunities as some of the region's economies start to recover, propelling Chinese internet names Meituan Dianping and JD.com to the biggest gains among big-cap shares this year.

Of the 55 Asia-headquartered companies that had market capitalizations of more than $50 billion as of the end of 2019, 23 had a higher value in dollar terms on Sept. 30 compared with the start of 2020, data from QUICK-FactSet shows. More than half, or 32, lost value.

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