Core Viewpoint - The State Administration for Market Regulation of China has announced an investigation into the competitive landscape of the food delivery platform service industry, with major platforms expressing their support and commitment to cooperate with the investigation [1][2][3]. Group 1: Company Responses - Meituan has publicly stated its support for the investigation and aims to use this opportunity to collaborate with other platforms to fulfill market responsibilities and promote fair competition [1]. - Taobao Shanguo emphasized the importance of fair competition as a core principle of market economy and expressed its commitment to cooperate with the investigation while enhancing service quality [1]. - JD.com also expressed strong support for the investigation, advocating for fair competition and the protection of consumer and operator rights, while focusing on high-quality development in the food delivery sector [2]. Group 2: Industry Context - The investigation comes amid ongoing issues in the food delivery industry, including aggressive subsidy wars and price competition, which have been criticized for harming the real economy and intensifying "involution" competition [3]. - Despite previous regulatory discussions aimed at fostering fair competition, the competitive dynamics among platforms remain intense, with ongoing market battles and subsidy strategies [2]. - The investigation will involve various methods such as on-site verification, interviews, and surveys to gather comprehensive insights into competitive behaviors and stakeholder opinions within the industry [3].

Core Viewpoint - The Hang Seng Index (HSI) showed a slight increase, closing at 26,286.73, up by 54.94 points or 0.21% on January 9, 2023, reflecting a mixed performance among major blue-chip stocks [1]. Group 1: Market Performance - The HSI reached a high of 26,311.87 and a low of 26,201.05 during the trading session, with a trading volume of 36.24 million shares [1]. - The index's 52-week high is 27,275.90, while the 52-week low is 18,856.77, indicating a significant range of fluctuation [1]. Group 2: Major Blue-Chip Stocks - HSBC Holdings closed at 125.014 HKD, up 0.17% from the previous close [2]. - Tencent Holdings closed at 615.325 HKD, reflecting an increase of 0.71% compared to the Hong Kong market close [2]. - Alibaba Group (W) saw a price increase of 2.73%, closing at 146.500 HKD, while its ADR price was 147.089 HKD, up by 0.589 HKD [3]. - Other notable performances include AIA Group, which rose by 0.54% to 84.300 HKD, and Meituan, which decreased by 2.48% to 98.500 HKD [3].

Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into the competitive landscape of the food delivery platform service industry due to concerns over irrational competition practices such as price wars and excessive subsidies, which are negatively impacting the real economy and intensifying "involution" competition [1] Group 1: Government Actions - The State Administration for Market Regulation is conducting an investigation and assessment of the market competition status in the food delivery platform service industry based on the Anti-Monopoly Law of the People's Republic of China [1] - The investigation aims to promote lawful and compliant operations among food delivery platforms, ensuring fair and orderly competition to establish a high-quality market order [1] Group 2: Company Responses - Meituan, Taobao Flash Purchase, and JD Delivery have announced their support for the investigation and expressed their commitment to cooperate fully [2][3] - Meituan has called for a return to rational competition and has opposed "involution" competition, emphasizing the need for industry players to fulfill their market responsibilities and promote innovation and healthy development in the food delivery service sector [2] - Taobao Flash Purchase highlighted the importance of fair competition as a core principle of the market economy and committed to adhering to relevant laws and regulations while providing diverse and high-quality services [2] - JD Delivery expressed strong support for measures that maintain market fairness and protect the rights of consumers, operators, and delivery personnel, while also focusing on high-quality development through supply chain innovation [3] Group 3: Industry Context - The ongoing subsidy wars in the food delivery platform sector have drawn significant attention since 2025, prompting the State Administration for Market Regulation to hold discussions with major platforms to enforce compliance with social responsibilities and promote a healthy market environment [3] - The current investigation will involve on-site verification, interviews, and surveys to gather comprehensive insights into competitive behaviors within the food delivery platforms, aiming to assess monopoly risks and regulate market order [3]

Group 1: Food Delivery Market Investigation - The State Administration for Market Regulation has initiated an investigation into the competitive status of the food delivery platform service industry based on the Anti-Monopoly Law of the People's Republic of China [4] - Taobao Flash Sale stated that it adheres to principles of fairness and compliance with laws and regulations in its operations, including merchant management and consumer rights protection [4] - Meituan expressed its support for the investigation and emphasized the need for rational competition in the industry, aiming to promote innovation and healthy development within the food delivery platform service sector [4] Group 2: Apple CEO Succession - Apple is reportedly accelerating the selection process for a successor to CEO Tim Cook, with John Ternus, the current Senior Vice President of Hardware Engineering, emerging as the leading candidate [7] - Cook, aged 65, has indicated to management that he feels fatigued and may step down as CEO this year, potentially transitioning to the role of Chairman of the Board [8] Group 3: MiniMax IPO - MiniMax, a large model company, went public on the Hong Kong Stock Exchange, opening with a more than 50% increase and reaching a market capitalization exceeding 77 billion HKD [13] - The company priced its shares at a maximum of 165 HKD, with initial trading showing a significant rise, indicating strong investor interest [13]

Core Viewpoint - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee Office has initiated an investigation and assessment of the market competition status in the food delivery platform service industry, prompting responses from major players like Meituan, Taobao Flash Sale, and JD Delivery [1][3][5]. Group 1: Company Responses - Meituan expressed strong support for the investigation and emphasized the need for rational competition, opposing irrational practices such as price wars and excessive subsidies [1]. - Taobao Flash Sale highlighted its commitment to fair competition as a core principle of market economy and stated its adherence to relevant laws and regulations while welcoming the investigation [3]. - JD Delivery also expressed support for the investigation, advocating for the maintenance of fair competition and the protection of consumer and operator rights [5]. Group 2: Industry Challenges - The food delivery market has been facing significant issues related to irrational competition, including price wars, excessive subsidies, and traffic control, which have been described as "involutionary" competition [1]. - Companies are calling for a return to rational competition and are committed to fulfilling their market responsibilities to foster innovation and healthy development within the industry [1][6].

Core Viewpoint - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee Office has announced an investigation and assessment of the market competition status in the food delivery platform service industry [1] Group 1: Company Responses - Taobao Flash Delivery expressed its willingness to cooperate with the investigation and emphasized its commitment to compliance and providing diverse, high-quality services to maintain a fair market environment [1] - Meituan fully supports the investigation and aims to use it as an opportunity to promote innovation and healthy development within the food delivery platform service industry [1] - JD Delivery also supports the decision, agreeing on the importance of maintaining fair competition and protecting the rights of consumers, operators, and delivery personnel [1]

Core Viewpoint - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has initiated an investigation and assessment of the market competition status in the food delivery platform service industry, prompting responses from major players like Meituan, Taobao Flash Sale, and JD Delivery [1][3][5]. Group 1: Company Responses - Meituan expressed strong support for the investigation, emphasizing the need for rational competition and opposing "involution" in the industry. The company aims to collaborate with other platforms to promote innovation and healthy development in the food delivery sector [1]. - Taobao Flash Sale highlighted the importance of fair competition as a core principle of market economy, committing to compliance with relevant laws and regulations. The company plans to work with merchants and partners to enhance service quality and maintain a fair market environment [3]. - JD Delivery welcomed the investigation, supporting measures to combat involution and protect the rights of consumers, operators, and delivery personnel. The company intends to innovate its supply chain model to promote high-quality food delivery services [5].

Core Viewpoint - The Hang Seng Index rose by 0.32% on January 9, with southbound capital totaling HKD 111.39 billion, resulting in a net inflow of HKD 6.81 billion [1] Group 1: Southbound Capital Activity - Total southbound trading amounted to HKD 111.39 billion, with buy transactions at HKD 59.10 billion and sell transactions at HKD 52.29 billion, leading to a net buy of HKD 6.81 billion [1] - The Shenzhen Stock Connect saw a total trading volume of HKD 44.30 billion, with net buying of HKD 5.15 billion, while the Shanghai Stock Connect had a total trading volume of HKD 67.08 billion, resulting in a net buy of HKD 1.66 billion [1] Group 2: Active Stocks - Alibaba-W had the highest trading volume among southbound stocks at HKD 99.89 billion, with a net sell of HKD 26.22 billion, despite a closing price increase of 2.73% [1] - Tencent Holdings recorded a net buy of HKD 14.12 billion, closing down by 0.81%, while Xiaomi Group-W had a net buy of HKD 8.70 billion, closing down by 0.53% [1][2] - Kuaishou-W also saw significant activity with a net buy of HKD 7.76 billion, closing up by 3.89% [2] Group 3: Continuous Net Buying - Xiaomi Group-W and Tencent Holdings were noted for continuous net buying, with Xiaomi seeing 7 consecutive days of net buying totaling HKD 55.53 billion, and Tencent with 3 consecutive days totaling HKD 42.31 billion [2]

Core Viewpoint - On January 9, the Hang Seng Index rose by 0.32%, with southbound funds totaling HKD 111.39 billion in trading volume, resulting in a net inflow of HKD 6.81 billion [1] Group 1: Southbound Trading Activity - The total trading volume for southbound funds was HKD 111.39 billion, with buy transactions amounting to HKD 59.10 billion and sell transactions at HKD 52.29 billion, leading to a net buy of HKD 6.81 billion [1] - The Hong Kong Stock Connect (Shenzhen) recorded a total trading volume of HKD 44.30 billion, with net buying of HKD 5.15 billion, while the Hong Kong Stock Connect (Shanghai) had a trading volume of HKD 67.08 billion and a net buy of HKD 1.66 billion [1] Group 2: Active Stocks - Alibaba-W had the highest trading volume among southbound funds at HKD 99.89 billion, but experienced a net sell of HKD 26.22 billion, despite a closing price increase of 2.73% [1] - Tencent Holdings saw a net buy of HKD 14.12 billion, with a closing price decrease of 0.81%, while Xiaomi Group-W had a net buy of HKD 8.70 billion [1] - Kuaishou-W recorded a net buy of HKD 7.76 billion, and Meituan-W and China Mobile faced net sells of HKD 3.67 billion and HKD 3.11 billion, respectively [1] Group 3: Continuous Net Buying - Xiaomi Group-W and Tencent Holdings were the only two stocks with continuous net buying for more than three days, with Xiaomi Group-W having a total net buy of HKD 55.53 billion over seven days, and Tencent Holdings with HKD 42.31 billion over three days [2]

Core Viewpoint - On January 9, the Hang Seng Index rose by 0.32% to close at 26,231.79 points, with a net inflow of HKD 6.815 billion through the southbound trading channel [1] Group 1: Market Activity - The total trading volume for southbound trading on January 9 was HKD 111.389 billion, with a net buying amount of HKD 6.815 billion [1] - The Shanghai Stock Exchange's southbound trading amounted to HKD 67.084 billion, with a net buying of HKD 1.660 billion, while the Shenzhen Stock Exchange recorded HKD 44.305 billion in trading with a net buying of HKD 5.155 billion [1] Group 2: Active Stocks - In the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest trading volume at HKD 65.69 billion, followed by Goldwind Technology at HKD 33.07 billion and SMIC at HKD 21.74 billion [1] - Tencent Holdings had the highest net buying amount of HKD 0.883 billion, despite a closing price drop of 0.81% [1] - Alibaba-W recorded the highest net selling amount of HKD 2.114 billion, while its closing price increased by 2.73% [1] Group 3: Detailed Stock Data - The top active stocks in the southbound trading on January 9 included: - Alibaba-W: Trading amount of HKD 656.911 million with a net selling of HKD 211.364 million, closing up by 2.73% [3] - Goldwind Technology: Trading amount of HKD 330.673 million with a net selling of HKD 13.003 million, closing up by 3.41% [3] - SMIC: Trading amount of HKD 217.368 million with a net selling of HKD 17.406 million, closing down by 0.73% [3] - Tencent Holdings: Trading amount of HKD 209.478 million with a net buying of HKD 52.898 million, closing down by 0.81% [3]