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MEITUAN-W, BABA-W Reportedly Splurge ~RMB1.6B in Total on 'Crazy Sat'
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MEITUAN-W (03690.HK) and BABA-W (09988.HK) (BABA.US) launched the “Crazy Saturday” promotion campaign concurrently from July 5, wrestling for orders through “Zero-Yuan-Purchase” vouchers and discount coupons. Meituan poured in RMB300-400 million in subsidies on Saturday (12th), while Taobao Instant Commerce’s subsidies surpassed RMB1.2 billion, with both platforms spending a total of approximately RMB1.6 billion. Chinese media reported. This year's food delivery war was ignited by JD, which launched a 10-billion-yuan subsidy to vie for orders in early April. In response to the competition between Meituan and Taobao, JD-SW (09618.HK) recently stated that the “Zero-Yuan-Purchase” and other malicious subsidies in this food delivery battle are severe involution competition and malicious competition, in which they did not engage at all. AASTOCKS Financial News Website: www.aastocks.com |
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