The subsidy war in China's internet industry for on-demand services escalated in 2Q25, according to CLSA's research report. JD-SW (09618.HK) -0.500 (-0.407%) Short selling $92.04M; Ratio 14.345% (JD.US) entered the food delivery market in April 2025, and launched substantial subsidies, followed by BABA-W (09988.HK) -1.000 (-0.855%) Short selling $589.78M; Ratio 20.908% (BABA.US) and MEITUAN-W (03690.HK) -0.600 (-0.491%) Short selling $987.08M; Ratio 45.958% in June and July, significantly increasing subsidies for food delivery and instant shopping businesses.Related NewsBEA Securities Expects BABA-W 1FQ Adj. EBITA to Grow 13% YoYCLSA projected that the instant retail businesses of JD-SW/ BABA-W will record a loss of about RMB10 billion in 2Q25, while the loss in 3Q25 may increase to around RMB13 billion/ RMB15-20 billion respectively. MEITUAN-W's incremental subsidy expenses are expected to be about half of BABA-W's. The broker also anticipated that, due to peer competition, MEITUAN-W's profit per instant service order will be under pressure.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-04 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)