JD.com's costly bid to challenge Meituan in food delivery, while the latter enters the e-commerce space, has led to a loss of ~$70B in combined market value (Charlotte Yang/Bloomberg)

Charlotte Yang / Bloomberg:

JD.com’s costly bid to challenge Meituan in food delivery, while the latter enters the e-commerce space, has led to a loss of ~$70B in combined market value  —  While much of the world is focused on a volatile international trade war, two of China’s largest internet companies are inflicting greater damage on each other at home.