Leading technology stocks extended their decline during the afternoon trading session, with MEITUAN-W falling more than 12%. JD.com Group and Alibaba dropped over 4%, while Bilibili declined more than 3%. JD Health and Ali Health fell over 2%, and Xiaomi, Baidu, and Tencent each dropped more than 1%.

In terms of individual stock performance, financial results showed that MEITUAN-W achieved revenue of 91.84 billion yuan in the second quarter of this year, representing a year-over-year increase of 11.7%. However, the company's operating profit plummeted 98% to 230 million yuan in the second quarter, with the operating margin falling from 13.7% to 0.2%. The second quarter adjusted net profit was 1.49 billion yuan, down 89% compared to 13.606 billion yuan in the same period last year, falling far short of the estimated 9.85 billion yuan.