Business Brief (March 26): State Media Call to End Food Delivery Price War Sparks Tech Stock Rally

Published: Mar. 26, 2026 4:31 p.m. GMT+8

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Shenzhen plans core chip industry support

Shenzhen has issued an action plan to accelerate the application and iteration of core domestic chips, supporting categories that include graphics processing units (GPUs), neural processing units (NPUs), central processing units (CPUs) and data processing units (DPUs). The megacity aims to build a complete industrial ecosystem and encourages the research, development and commercialization of high-performance computing chips based on the RISC-V architecture.

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Shenzhen issued a plan to support core chip sectors, focusing on RISC-V architecture and building a complete industrial ecosystem.
State media urged an end to China's food delivery price war, prompting tech stock rallies; Meituan rose over 10%, Alibaba 5%, JD.com 4%.
Pop Mart shares plunged 22% despite 184.7% revenue growth to 37.1 billion yuan in 2025, due to reliance on the Labubu IP.

AI generated, for reference only

Who’s Who

Alibaba Group Holding Ltd.: Alibaba Group Holding Ltd. saw its shares jump over 5% after the State Administration for Market Regulation reposted an article calling for an end to the "food delivery war." Regulators' intervention aims to curb vicious competition, protect economic stability, and ensure the livelihoods of delivery workers and platforms.

JD.com Inc.: JD.com Inc. (京东) saw its shares rise by over 4% after a state-run newspaper article called for an end to the "food delivery war." Additionally, Pop Mart plans to sell IP-centric derivative small home appliances on e-commerce platforms like JD.com starting in April.

Pop Mart International Group Ltd.: Pop Mart International Group Ltd. saw its shares plunge over 22% despite doubling its 2025 revenue to 37.1 billion yuan ($5.4 billion). The growth was primarily driven by its Labubu intellectual property, generating 14.2 billion yuan. This heavy reliance on a single IP disappointed investors who anticipated diversification. The company plans to launch IP-centric home appliances in April.

UBS SDIC Fund Management Co. Ltd.: UBS SDIC Fund Management Co. Ltd. is experiencing extreme volatility and high premiums. Despite this, over 95% of investors with amounts exceeding 1,000 yuan have reached settlements. The fund has been issuing trading suspension warnings almost daily in March due to these complex market conditions.

Anta Sports Products Ltd.: Anta Sports Products Ltd. (安踏体育用品有限公司) reported a profit attributable to shareholders of 13.6 billion yuan for 2025. This represents a 13.9% increase year-on-year.

GalaxySpace: GalaxySpace is a Chinese satellite firm actively seeking overseas growth to contend with Elon Musk's Starlink. This strategic push suggests its ambition to expand beyond the domestic market and establish a global presence in the competitive satellite industry.

Meituan: Meituan is a major Chinese food delivery giant mentioned in the context of state media calling for an end to the "food delivery war." Following the publication of an Economic Daily article arguing against the price war, Meituan's shares surged over 10%. This reflects the impact of regulatory stances on the company's market performance.

AI generated, for reference only