Meituan's market cap fell ~60% from ~$138.2B to ~$56.4B since the start of 2023, weighed down by rising competition and a slowdown in its food delivery business (Sheila Chiang/CNBC)

Sheila Chiang / CNBC:

Meituan’s market cap fell ~60% from ~$138.2B to ~$56.4B since the start of 2023, weighed down by rising competition and a slowdown in its food delivery business  —  – Chinese food delivery giant Meituan lost about $82 billion in market cap in 2023 from its yearly high, according to CNBC calculations.