Intensified competition in China's e-commerce sector reduced earnings visibility, China Merchants Securities (CMS) released a research report saying. As the summer peak season approaches, leading platforms increased subsidies beyond prior expectations. BABA-W (09988.HK) -0.800 (-0.703%) Short selling $653.05M; Ratio 13.741% launched a subsidy plan totaling RMB50 billion, and initiated a series of weekend promotional activities on its Taobao Instant Commerce and Ele.me platforms, boosting single-day order volume to 80 million on 5 July, setting a new high.Related NewsPing An Securities: HK's Stablecoin Layout Expected to Form 'USD Stablecoin Connecting Int'l Mkt + HKD Stablecoin Connecting Mainland' Dual Regulatory FrameworkMEITUAN-W (03690.HK) +2.700 (+2.176%) Short selling $460.05M; Ratio 17.698% subsequently launched related promotional activities, with peak orders reaching 120 million on the same day. JD-SW (09618.HK) -0.500 (-0.401%) Short selling $69.18M; Ratio 16.618% reported instant delivery orders of approximately 20 million, and later announced a merchant subsidy plan of RMB10 billion.The broker lowered its FY2026/2027 non-GAAP net profit forecasts for BABA-W by 23%/ 6% each, and reduced its target price for Alibaba Group (BABA.US) from US$176 to US$146, as it remained optimistic about BABA-W on its stable cloud business outlook, with leading market share and technical capabilities.CMS lowered its FY2025/2026 non-GAAP net profit forecasts for MEITUAN-W by 14%/ 3% respectively, and chopped its target price from $177 to $156, still believing that MEITUAN-W will maintain its market leadership, though some market share may be eroded by competitors in a fiercely competitive environment. Related NewsBofAS Lowers JD-SW's TP to HKD145 w/ Rating Kept BuyThe broker also lowered its FY2025/2026 non-GAAP net profit forecasts for JD-SW by 39%/ 17% each, and slashed its target price for JD.com (JD.US) from US$54 to US$42.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-17 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)