Meituan Jumps With Food Deliverers as Beijing Targets Price Wars
The current price wars were kicked off by JD.com earlier this year after it said it would make a foray into the area.
Photographer: Na Bian/BloombergMeituan led gains in China’s food-delivery shares after the authorities sought to damp down rampant price competition in the sector.
Beijing-based Meituan climbed as much as 5% in Hong Kong after the State Administration for Market Regulation summoned the three largest food-delivery firms to a meeting Friday and required them to further regulate their promotions. JD.com climbed as much as 3.6%, while Alibaba Group Holding Ltd., which owns Ele.me, rose 2.6%.