Alibaba and Sea appear set to face margin risks amid a step-up in spending to retain and lure users as well as merchants, according to Bloomberg Intelligence (BI) analysts Catherine Lim and Nathan Naidu. Meituan’s margin outlook appears bright, but Alibaba, Sea’s Shopee and JD.com may suffer as the likes of ByteDance's Douyin and sister company TikTok encroach on e-commerce.
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