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Amid Intensifying Food Delivery War in CN, MEITUAN-W, JD-SW Slip 6%+, 7.2%
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The intensifying competition in mainland China’s food delivery industry pressured their stock prices in Hong Kong, with JD-SW (09618.HK)(JD.US) opening 5.17% lower and bottoming at HKD128.6. It last traded at HKD129.2, down 7.18%, with 7.4372 million shares traded, involving HKD968 million. MEITUAN-W (03690.HK) also opened 3.96% lower, hitting a low of HKD127.8, and last traded at HKD128.3, down 6.01%, with 29.1296 million shares traded, involving HKD3.762 billion. JD announced that all food delivery orders delayed by over 20 minutes will be free of charge, effective immediately. Without naming which competitors, JD blasted some platforms for forcing riders into “choose one from two” policies, preventing them from accepting JD’s food delivery orders. To counter this, JD introduced urgent measures, including expanding full-time rider recruitment from 50,000 to 100,000 jobs over the next three months. Meituan promptly denied restricting riders from taking orders across platforms, stressing that no platform globally has the motive or ability to constrain riders’ choices and dismissing the accusations as baseless. AAStocks Financial News |
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