Meituan's stock price rises over 10%!
One year anniversary of the food delivery battle, Meituan's stock price has returned to the level of February 2024.

On the afternoon of April 8, the Hang Seng Tech Index’s gain widened to 5%, with the weighted stock Meituan-W up more than 10%.

On the one-year anniversary of the food delivery battle, investment banks including HSBC, Qualcomm, and Morgan Stanley have successively released research reports on the food delivery industry. HSBC’s latest research report shows that over the past year (from Q2 2025 to Q1 2026), Alibaba’s losses in instant retail reached 87 billion yuan, with total investment exceeding 100 billion yuan—far exceeding the initially planned investment of “500 billion over three years.” In addition, HSBC also calculated that over the past year, Meituan’s losses caused by the food delivery battle reached 44 billion yuan, JD.com’s losses reached 42 billion yuan, and the combined total loss of the three companies was 173 billion yuan. By Q1 2026, Meituan, Alibaba, and JD.com’s share percentages were approximately 50.3%, 39.4%, and 10.3%, respectively.

Cutting food delivery marketing investment reduced profits and also caused large swings in the share price. Among them, Meituan-W, Alibaba, and JD Group’s stock prices have retreated by 46%, 7%, and 29% respectively over the past year. With Meituan as the defensive side, its business mix is also the heaviest, and its share price decline has been the largest; it has now already returned to the level of February 2024. As regulators step up talks under “crackdowns on internal competition,” the food delivery subsidy war is expected to ease at the margin. Profits in the instant delivery business are entering a period of loss reduction and repair, and the negative market feedback to the “Three Giants”’ stock prices is also set to come to an end.

Wang Bo from the Investor Returns Research Center of Huaxia Fund stated: The recent rapid decline of Hong Kong internet companies is more driven by panic sentiment and liquidity shocks, but at present the stock prices are already below intrinsic value, making it a very good time to position from a long-term perspective. Focus on the Hang Seng Internet ETF Huaxia (513330.SH) and the Hong Kong Stock Connect Technology ETF Huaxia (159101.SZ).

Among them, the Hang Seng Internet ETF Huaxia (513330.SH) focuses more on internet software applications, making it relatively pure. The Hong Kong Stock Connect Technology ETF Huaxia (159101.SZ) covers a wider range of Hong Kong characteristic technology assets, gathering four major core asset categories for positioning in Hong Kong tech’s “new quality productive forces”: internet software applications (such as Tencent, Alibaba, and Meituan) + semiconductors (such as SMIC and Hua Hong Semiconductor) + China’s advanced manufacturing (BYD, Li Auto, XPeng, UPower) + innovative drugs (such as BeiGene, Kangfang Bio, and Innovent).

Daily Economic News