--- title: "Hong Kong stocks \"three giants of food delivery\" collectively surged! Regulatory authorities send a \"anti-involution\" signal" type: "News" locale: "en" url: "https://longbridge.com/en/news/280452162.md" description: "Hong Kong stocks \"three giants of food delivery\" Meituan, Alibaba, and JD collectively surged, rising nearly 16%, over 6%, and over 5% respectively. The State Administration for Market Regulation reprinted an article titled \"The Takeaway War Should End,\" signaling a crackdown on \"involution-style competition,\" which may terminate the food delivery subsidy war. The Hang Seng Internet ETF, which includes these companies, also rose over 3%. This index covers a broader range and reflects the technological value of internet giants transforming into AI" datetime: "2026-03-25T09:56:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280452162.md) - [en](https://longbridge.com/en/news/280452162.md) - [zh-HK](https://longbridge.com/zh-HK/news/280452162.md) --- # Hong Kong stocks "three giants of food delivery" collectively surged! Regulatory authorities send a "anti-involution" signal Oil crisis "assists," BYD to surpass Toyota in 5 years? Vietnam's oil shortage sends "electric donkeys" to the limit-up. Source: Caijing News On Wednesday afternoon, Hong Kong's "three major delivery giants" collectively surged. Meituan-W once rose nearly 16%, Alibaba-W once rose over 6%, and JD Group-SW once rose over 5%. The Hang Seng Internet ETF (513330.SH) followed with an increase of over 3%. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OMm5IHcRfiOm08aGhq8iXLS0I_v9agIu_ebt_5zLs3ppwAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) On the morning of the same day, the official website of the State Administration for Market Regulation reprinted an article from Economic Daily titled "The Takeaway War Should End." ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OGH_lXvmCURvMuFVkrLaPpTCu_aeq7Y_EToA6R5DFEkAsAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) The article stated: "The takeaway war affects not only the restaurant owners' accounts but also the livelihoods of ordinary people... Healthy competition should be a benign competition of technological innovation, efficiency improvement, and service optimization." The reprint of this article was interpreted by industry insiders as a signal from regulators to counter "involution-style competition," which may press the stop button on the nearly year-long takeaway subsidy war. ![Image](https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OQfb7_GMgR_iWcTjKv4SeaisFCMZLxdyEu6dO0Fp2WZ7UAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) In addition, on March 23, three departments in Beijing jointly interviewed twelve platforms, including Trip.com, Meituan, and Douyin, to report the first batch of issues found in the comprehensive rectification of "involution-style" competition and proposed rectification requirements. The Hang Seng Internet ETF (513330.SH) tracks the Hang Seng Internet Technology Industry Index and includes the aforementioned three delivery giants, which has led some investors to refer to it as the "delivery" index. Due to the profit erosion from the takeaway subsidy war, Meituan-W's stock price has continued to retract, with a maximum decline of 60%, currently approaching early 2024 levels. This index covers a broader range compared to the Hong Kong Stock Connect Internet, including leading companies such as Baidu, NetEase, JD, and WanGuo Data that are not included in the Hong Kong Stock Connect. 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