Meituan slips as China eyes rules on food delivery subsidy, rivals down

Alibaba Holding

18/06/2026 04:50

** Shares of Chinese food delivery leader Meituan 3690.HK slip 2.4% to HK$72.6, their lowest level since May 29, and on track to snap three straight falling sessions
** China's market regulator issued draft rules to regulate subsidies by food delivery platforms, citing price wars and "irrational competition"
** Meituan said on social media that it supported the proposals and would work to implement the requirements
** Meituan's two main rival platforms, which are run by Alibaba 9988.HK and JD.com 9618.HK, also say they would support the rules and protect fair competition
** Hong Kong shares of Alibaba fall 3.7% to HK$102.9, the lowest point since July 20, 2025; JD.com Hong Kong stock slips 2.9% to HK$107.9, the lowest level since June 11
** YTD, Meituan stock down 30.1%, Alibaba down 27.6%, and JD.com down 3.1%
     
     

(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))