Stock market today: S&P 500 slumps as Trump tariff blitz triggers bloodbath
Investing.com-- JD.com’s (HK:9618) push into the travel sector by launching a hotel membership programme sent ripples through China’s online travel and services sector on Thursday, dragging shares of Trip.com Group (HK:9961) and Meituan (HK:3690) lower.
In an open letter to hoteliers on Wednesday, JD.com said it will provide supply‑chain services aimed at lowering operational costs and enhancing guest experiences.
The zero‑commission programme is slated to run as long as three years, during which JD.com also plans to optimise supply chains and attract increased consumer traffic to hoteliers.
JD.com’s tourism foray closely follows its aggressive food‑delivery expansion to compete with Meituan and Ele.me; the firm has similarly offered zero‑commission incentives in that segment.
Trip.com, the nation’s leading online travel agency, plunged approximately 5% in Hong Kong trading, while Meituan, which offers both food delivery and travel-booking services, slid nearly 4%, as investors recalibrated expectations amid heightened competition in the travel space.
Hong Kong-listed JD shares also fell over 3%.
The slump in their stocks also reflected broader market unease, as Asia equities faced pressure from escalating Middle East tensions following reports of U.S. preparations for potential strikes on Iran.
Hong Kong’s Hang Seng index dropped over 2%.