JD.com’s Delivery Clash With Meituan May Worsen $70 Billion Rout
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While much of the world is focused on a volatile international trade war, two of China’s largest internet companies are inflicting greater damage on each other at home.
JD.com Inc. has launched a costly battle to steal market share away from food-delivery leader Meituan, while the latter has been encroaching on the former’s e-commerce stronghold. The companies’ Hong Kong-listed stocks have dropped about 30% each from March highs, shedding around $70 billion in combined market value.