Harga saham Meituan naik lebih dari 10%！Perayaan satu tahun perang pengantaran makanan, harga saham Meituan kembali ke level Februari 2024

8 April sore, Hang Seng Tech Index rose by 5%, with heavyweight stocks Meituan-W surging over 10%.

On the first anniversary of the food delivery war, investment banks such as HSBC, Qualcomm, and Morgan Stanley have successively released research reports on the food delivery industry. HSBC’s latest report shows that over the past year (Q2 2025 to Q1 2026), Alibaba’s losses in instant retail reached 87 billion yuan, with total investments exceeding 100 billion yuan, far beyond the initial “500 billion over three years” investment plan. Additionally, HSBC also estimated that Meituan’s losses caused by the food delivery war in the past year amounted to 44 billion yuan, JD.com 42 billion yuan, totaling 173 billion yuan for the three companies. As of Q1 2026, Meituan, Alibaba, and JD.com accounted for approximately 50.3%, 39.4%, and 10.3% of the market share, respectively.

Reduced marketing investments in food delivery have cut into profits and caused significant stock price fluctuations. Among them, Meituan-W, Alibaba, and JD Group’s stock prices have retreated by 46%, 7%, and 29% respectively over the past year. As the defensive side, Meituan’s business share is also the largest, and its stock price decline is the greatest, currently back to the level of February 2024. With regulatory interviews and the “anti-involution” campaign, the subsidy war in food delivery is expected to ease marginally, and profits in instant delivery business are entering a phase of loss reduction and recovery. The negative feedback on the stock prices of the “Big Three” will also come to an end.

Huaxia Fund Investor Return Research Center’s Wang Bo stated: The recent sharp decline in Hong Kong-listed internet companies is more influenced by panic sentiment and liquidity shocks, but current stock prices are already below intrinsic value, making it a good long-term investment point. Focus on Hang Seng Internet ETF Huaxia (513330.SH) and Hong Kong Stock Connect Technology ETF Huaxia (159101.SZ).

Among them, Hang Seng Internet ETF Huaxia (513330.SH) focuses more on internet software applications, making it relatively pure; Hong Kong Stock Connect Technology ETF Huaxia (159101.SZ) covers a broader range of Hong Kong tech assets, including internet software applications (such as Tencent, Alibaba, Meituan), semiconductors (such as SMIC, Huahong Semiconductor), China’s advanced manufacturing (BYD, Li Auto, Xpeng, UBTECH), and innovative drugs (such as BeiGene, Kangfang Biotech, Innovent), forming the core assets for layout in Hong Kong tech “new productive forces.”

Daily Economic News