MEITUAN-W (03690.HK)  -4.200 (-3.151%)    Short selling $528.66M; Ratio 14.504%   's stock price shed by 3.7% at midday, while JD-SW (09618.HK)  -5.200 (-4.019%)    Short selling $294.34M; Ratio 25.296%   also lost 1.1%.

The revenue and profit performance of Chinese trading platforms in 1Q25 were mixed, CICC released a research report saying. Major e-commerce platforms were affected by national subsidies, changes in monetization rates and disruptions from overseas operations, leading to a divergence in revenue and profits. MEITUAN-W's revenue and profit beat the broker's expectations.

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To incubate the logistics fulfillment system, user awareness and consumption habits of instant retail, multiple platforms are simultaneously investing in the food delivery and instant retail sectors, with a scale of over RMB10 billion, aiming to drive lower-frequency physical instant consumption through high-frequency catering categories.

Of which, CICC expected JD-SW and MEITUAN-W to experience the most significant earnings decline in 2Q25, with subsidies likely to continue during the summer sale peak season for tea and coffee.

PDD Holdings (PDD.US)      has not participated in the food delivery competition, but its efforts to fill the gap in national subsidies and its RMB100 billion support plan put pressure on domestic profits, with short-term investments for long-term space.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-19 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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