Alibaba Risks Deepening $100 Billion Rout as Turf War Heats Up

Delivery couriers for Meituan, right, and Alibaba Group Holding Ltd.'s Ele.me wait at a traffic signal light in Shanghai.Photographer: Qilai Shen/Bloomberg

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By Jeanny Yu

July 10, 2025 at 8:00 PM EDT

Updated on

July 11, 2025 at 10:08 AM EDT

A protracted battle in China’s food-delivery market has chopped $100 billion in market value from Alibaba Group Holding Ltd., with no end in sight for damage to profits and investor confidence.

Its Hong Kong-listed shares plunged 27% from a March high through Friday, nearly double the loss in a gauge of Chinese tech peers. Rivals JD.com Inc. and Meituan have dropped by similar measures amid daily headlines on government efforts to contain the destructive hyper-competition being dubbed “involution.”