Meituan Q2 Profit Nosedives 97% amid China's Food Delivery War

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TMTPOST -- The American depository receipts (ADRs) of Meituan traded on the over-the-counter (OTC) market in the U.S. closed 9.7% lower on Wednesday after the Chinese food delivery giant posted steeper-than-anticipated decline in profit, fueling investors’ concerns over its profitability and ability to maintain market dominance amid harsh price war in homeland market.Credit：FreepikMeituan reported profit of RMB365.3 million ($51 million) for the quarter ended June 30, represen