Chinese food delivery giants surge as regulator, state media call end to price war

Hong ​Kong-listed shares of ​delivery platform Meituan surged ​on Wednesday after Chinese state media and the regulator urged the industry to ‌end a ⁠bleeding ⁠price war. Meituan surged as ​much as 12.6% to a high of HK$89 ​a share in afternoon trading.

Rival Alibaba and JD.com both jumped more than ⁠3%. State ‌media Economic Daily published an opinion piece ⁠on Wednesday, calling an end to the bruising price war among food delivery platforms.

State Administration for Market Regulation later reposts the piece to its official website in a sign ‌of regulator endorsement.


"The entire industry has fallen into a ​vicious ​cycle of losing ⁠money in an attempt to grab market share, ultimately dragging down the ​broader trend of consumption recovery," the report said.