HONG KONG -- Chinese food delivery company Meituan's net profit plunged 97% in the second quarter, undermined by hefty subsidies it pumped into a discount battle with Alibaba's Ele.me and newcomer JD.com in the already low-margin sector.
Consumer
China's food delivery discount war chops Meituan profit by 97%
Share price sinks 10% after management warns of 'substantial loss' ahead in Q3
A Meituan delivery worker collects an order. The company faces intense price competition in its home market and is pushing to expand abroad. © Reuters
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