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China's Meituan faces heat from rivals, price war
Meituan, China's top food delivery app, recently reported an 89% drop in second-quarter profit.
Even though it still owns about 70% of the market, competitors like JD.com and Alibaba are stepping up with heavy discounts to win over users.
Shares in the company have fallen more than 20% this year, amid intensifying competition and a price war.
Meituan's response to competition and challenges
To stay ahead, Meituan is working on better prices and service at home while also expanding overseas with its Keeta app in places like Hong Kong, Qatar, and Saudi Arabia.
But there's another curveball: Chinese regulators are planning new pricing rules after complaints about unfair practices by big platforms—including Meituan—which could make things even trickier for the company going forward.