Meituan’s Profit Crumbles During Food Delivery War With Alibaba

Meituan, a leading Chinese food delivery platform, has reported a significant decline in its profit during a fierce competition with rivals Alibaba Group Holding Ltd. and JD.com Inc. The article suggests that Meituan's longstanding dominance in the lucrative home market is being challenged as the companies engage in a price-based battle. The article highlights that Meituan's profit has been "wiped out" in this ongoing conflict, indicating the intensity of the competition and the impact it is having on the company's financial performance. The price-based nature of the battle suggests that the companies are vying for market share by offering competitive pricing, which is putting pressure on Meituan's profitability. The article suggests that this development is a "striking sign" of the challenges Meituan is facing in maintaining its dominant position in the market, as its rivals seek to gain a larger share of the lucrative home delivery segment.