Shares of China’s food-delivery firms surged after regulators moved to curb intense price competition. Meituan jumped as much as 13%, while Alibaba and JD.com gained 6.7% and 5.7%, respectively. The rally followed a regulator-led seminar and state media calls to end loss-making price wars that have pressured profits and consumption. The sector has been locked in aggressive subsidy-driven competition, with Meituan expected to report a 24.1 billion yuan ($3.49 billion) net loss for 2025.