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Meituan Records First Loss Since 2022 After Price War Toll

Meituan posted its first loss in almost three years, reflecting the toll of a three-way battle with Alibaba Group Holding Ltd. and JD.com Inc. in a weak Chinese consumer market.The company posted an adjusted net loss of 16 billion yuan ($2.3 billion) for the September quarter, worse than the 14 billion yuan average projected by analysts. Most of that loss came from Meituan’s domestic commerce segment, “due to the continuous intensified competition in food delivery sector,” the company said in a ...

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