Meituan shares tumbled as much as 13% in Hong Kong trading after China’s largest on-demand services platform reported sharply weaker second-quarter results and cautioned that it expects sizeable losses in the current quarter. The stock’s slide dragged the Hang Seng Tech Index more than 2% lower, underscoring investor anxiety about intensifying competition in China’s consumer-internet sector. Second-quarter revenue slipped to 91.84 billion yuan ($12.6 billion), missing the 93.69 billion-yuan analyst consensus. Gross profit dropped to 30.41 billion yuan versus expectations of 36.09 billion yuan, while net profit collapsed 97% from a year earlier as Meituan poured subsidies into a discount battle with Alibaba-backed Ele.me and newcomer JD.com. Management warned of “major” losses in the third quarter as the pricing war shows little sign of easing. Citi and JPMorgan both cut their ratings on the stock following the disclosure. Investors will look for signs of margin recovery and progress in Meituan’s overseas expansion when the company next reports.