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China tech stocks are red-hot this year — but 2 are plunging as the battle for food delivery dominance intensifies [Yahoo! Finance]
Last jd.com, inc. - american depositary shares earnings: 3/2 05:03 am
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Other Chinese tech stocks like Alibaba and Tencent have seen big gains this year. Intensifying rivalry between two of China's tech giants in the food delivery business has battered their company stocks this year. The share price of Meituan, China's top food delivery app, plunged as much as 8.1 % on Tuesday. The stock is down over 14% so far this year. Hong Kong-listed JD.com, which waded into the food delivery business in February, tanked as much as 8.1%. The company's shares are down 4% so far this year. Both stocks have underperformed the Hang Seng Tech Index and Hang Seng China Enterprises Index, which are both up about 10% so far this year. The sharp losses in the two companies' share prices came after JD.com said on its Weixin social media account on Monday that a competing platform had told riders that they would be barred if they accepted orders from JD. It did not name the competing platform. On the same day, Meituan wrote in its Weixin social media account that i
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