JD.com (09618.HK) saw its stock price plummet by 5.48% in the Hong Kong market on Tuesday, as investors reacted to news of intensifying competition in the Chinese e-commerce sector. The significant drop came after Meituan's CEO, Wang Xing, declared that his company would "spare no effort to win competition," directly challenging rivals like JD.com.

The statement from Meituan's chief executive sent shockwaves through the market, causing a ripple effect on other tech giants. While JD.com bore the brunt of the impact with its 5.48% decline, Meituan itself wasn't immune to the market's reaction, with its shares dropping 2.1% following the company's inability to provide precise financial guidance for the upcoming quarter and the rest of the year.

This development highlights the increasingly competitive landscape in China's e-commerce and local services market. As major players like JD.com and Meituan vie for market share, investors are closely watching how these companies navigate the challenges ahead. The stock's significant drop suggests that the market is pricing in potential headwinds for JD.com as it faces heightened competition from a determined rival.