21 July 2025 China Internet China Internet: The edge of the Internet... Robin Zhu +852 2123 2659 robin.zhu@bernsteinsg.com Min-Joo Kang +852 2123 2644 minjoo.kang@bernsteinsg.com Charlie Peng +81 3 6777 6993 charlie.peng@bernsteinsg.com …and other side-effects of massive excess bubble tea consumption. The main question approaching July pre-close season was just how bad the cuts would need to be, in response to the ongoing competition between Meituan, JD, and Alibaba - spanning the food delivery and e-commer ...