$BABA-W(09988.HK)$MEITUAN(03690.HK)$JD.com(JD.US)$PDD(PDD.US) are cannibalizing the interests of other companies, fighting over the existing pie. Where is the future that comes from cutthroat competition? Where is the future of technology? Maybe we should all switch to making blind boxes. At least there's no need for billions in subsidies there. The Hong Kong stock market has entered an era of comparing who has more flesh on their bones, seeing who can survive until the end by starving. Looking at Japan's lost three decades, the BATs (Baidu, Alibaba, Tencent) of the tech elite in the books have actually turned out like this.