Since their Hong Kong listings in January, both stocks have risen more than fourfold. Meanwhile, tech giants Alibaba Group Holding Ltd and Tencent Holdings Ltd fell as much as 4.3% and 2.8% respectively, despite reporting strong holiday results. Bloomberg Intelligence estimates that Alibaba and Meituan would offer about US$870 million in consumer incentives over the holiday as they competed for engagement. Chinese authorities summoned major online platform companies last week, directing them to rein in promotional practices and eliminate “involution-style” competition. Among consumer stocks, Laopu Gold Co tumbled as much as 5.2% and China Tourism Group Duty Free Corp lost 4.5%.

Source: The Edge Markets February 20, 2026 04:42 UTC