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China's Meituan (OTC:MPNGY) and JD.com (NASDAQ:JD) have experienced a major selloff, triggered by the battle to win the food delivery war in the country, resulting in the loss of over $100 billion combined in market value since late 2024.
What Happened: Meituan and JD.com's Hong Kong-listed shares have plunged more than 30% from their October 2024 peaks, making them among the worst performers on the Hang Seng Tech Index, reported Bloomberg.
Meituan's stock dropped over 5% on Tuesday after it reported March-quarter earnings this week, though it has since recouped some losses. However, it is still down 15% year-to-date.
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Why It's Important: Earlier this month, it was reported that Alibaba Group Holding's (NYSE:BABA) Ele.me and JD.com's JD Takeaway are competing fiercely in the instant retail space, where products are expected to be delivered within 30 to 60 minutes.
JD.com has also been pouring money into discounts and promotions to boost its relatively new food delivery platform. The company's cash-burning strategy has pressured Meituan, the market leader, into responding with its own costly incentives.
The report noted another reason behind the drop being investors' shift toward companies with greater artificial intelligence capabilities, a trend accelerated by DeepSeek.
JD.com has a growth score of 78.15, according to Benzinga Edge Stock Rankings. Click here to compare it with other stocks.
Photo Courtesy: Tricky_Shark on Shutterstock.com
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