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Benzinga
Benzinga
Business
Anusuya Lahiri

China's Crackdown Forces Alibaba, JD, And Meituan To Call Truce On Price War

BABA Meituan Alibaba JD China Alibaba Group Group JDcom
Hangzhou,,China,-,Sep,14,,2023:,Alibaba,Group's,Global,Headquarters,

Alibaba Group (NYSE:BABA), Meituan (OTC:MPNGY), and JD.com (NASDAQ:JD) pledged on Friday to end aggressive price-based competition that has squeezed margins and drawn regulatory scrutiny.

The companies issued coordinated statements promising to promote fair business practices in the $80 billion-plus food delivery sector, Bloomberg reported on Friday.

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