On June 25, Meituan-W fell 3.03% in regular trading, trading at HK$65.35/share, with turnover of HK$733 million. The stock continued its downward trend amid multiple headwinds including tightening regulatory oversight and reputational concerns.

On the policy front, Chinas market regulator recently released the Ten Rules for Food Delivery Platform Subsidies (Draft for Comments), explicitly prohibiting platforms from using long-term, large-scale subsidies to disrupt market order, leveraging capital advantages for monopolistic behavior, or forcing merchants to participate in promotional campaigns. This regulatory framework directly targets the aggressive subsidy war that has defined the food delivery industry, potentially constraining Meituans competitive toolkit going forward.

Separately, media investigations revealed that Meituan allegedly conducted paid campaigns to collect negative information about competitor Taobao Flash Purchase from merchants, offering monetary rewards ranging from RMB 2,000 to RMB 5,000. Meituan responded that the activity was a small-scale survey conducted in cooperation with local regulatory authorities.

Within the Internet and Direct Marketing Retail sector, the overall sector remained under pressure. Among individual stocks, BABA-W fell 3.67%, PA GOODDOCTOR fell 3.68%, JD-SW fell 2.62%, ALI HEALTH fell 2.15%, and JD HEALTH fell 1.56%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)