Alibaba Risks Deepening $100 Billion Rout as Turf War Heats Up

A protracted battle in China’s food-delivery market has chopped $100 billion in market value from Alibaba Group Holding Ltd., with no end in sight for damage to profits and investor confidence.

Its shares have plunged 28% from a March high in Hong Kong, nearly double the loss in a gauge of Chinese tech peers. Rivals JD.com Inc. and Meituan have dropped by similar measures amid daily headlines on government efforts to contain the destructive hyper-competition being dubbed “involution”.