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Meituan Plunges as Losses Balloon in Food Fight With Alibaba

  • Shares fall by most since September’s $4.2 billion IPO
  • Company plans to be more cautious with new initiatives
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Bloomberg’s Lulu Chen reports on the battle between Chinese food-delivery giant Meituan Dianping and Alibaba.(Source: Bloomberg)
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Meituan Dianping, the Chinese food-delivery giant, slumped by a record as its fight for market share with Alibaba Group Holding Ltd. led to wider losses.

The shares fell as much as 14 percent in Hong Kong, the most since its September initial public offering. Operating losses at the Beijing-based company more than tripled to 3.45 billion yuan ($498 million) in the three months ended September even as revenue almost doubled.