Hong Kong-listed technology stocks rebounded from afternoon lows on March 25, with MEITUAN-W (03690.HK) surging over 12% during the session. JD-SW (09618.HK) and BABA-W (09988.HK) also climbed more than 5%.

The rally followed the State Administration for Market Regulation's reposting of an Economic Daily commentary titled "It's Time to End the Food Delivery War." The article argued that the delivery battle impacts not only restaurant operators' finances but also ordinary livelihoods. When essential dining consumption slows due to price wars, the economic chill ultimately affects every individual. Healthy competition should involve technological innovation, efficiency improvements, and service optimization rather than capital-burning contests or zero-sum games exploiting monopolistic advantages. The commentary emphasized that reasonable pricing, industry stability beyond subsidies, and service-focused competition would truly benefit businesses and consumers. It concluded that price wars are unsustainable and internal competition produces no winners, declaring the food delivery battle must end.