Industry Notes

Industry Notes / Meituan / Chapter 1 of 5 · Pie

Instant retail: Meituan about half, Alibaba about two fifths, JD about one tenth

Subsidies bought a share shift, not permanent monopoly

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Daily-order share
  • Meituan50.3% · 50%
  • Alibaba39.4% · 39%
  • JD10.3% · 10%

HSBC’s 2026Q1 daily-order share estimate is about Meituan 50.3%, Alibaba 39.4%, and JD 10.3%. A roughly RMB 173 bn war moved share by about ten points. What matters next is loss narrowing and the in-store profit pool, not delivery slogans alone.

Source：汇丰 2026Q1 即时零售日均单量份额估计；美团港交所业绩公告

Research notes, not investment advice.