The intensified competition was exemplified last month when they offered incentives such as free cups of milk tea and free lunchboxes.
China’s top three on-demand delivery service operators – Alibaba Group Holding, Meituan and JD.com – have publicly announced an “anti-involution” commitment, signalling a truce in their brutal price war.
Alibaba’s Hong Kong-listed shares gained 1 per cent on Friday while Meituan gained 0.5 per cent, despite a broad decline in the Hang Seng stock index. JD.com was down 0.2 per cent
The meeting aimed to “further regulate promotional behaviour, encourage rational competition, and foster a healthy ecosystem and a win-win situation for consumers, merchants, delivery riders, and platform operators”, the regulator said.
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