Meituan, JD.com's Food Delivery War Worsens $100 Billion Rout
Shares of Meituan and JD.com have lost a combined $100 billion in market value since late last year, highlighting the fallout of a costly battle to win a bigger slice of the Chinese food delivery business.
The companies' Hong Kong-listed shares have both dropped over 30% from a peak reached in early October and rank among the worst performers on the benchmark Hang Seng Tech Index. The stocks have suffered as DeepSeek's technological advancement fuels a pivot toward firms with greater artificial intelligence capabilities, and JD.com deployed a cash-burning strategy to promote its food platform.
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