China's 'everyday app' battle could lead to fragmentation of the food delivery sector: Goldman Sachs

Ronald Keung, head of Asia internet research at Goldman Sachs, says the intense competition and heavy discounting in the food delivery sector would have a "steep impact" on the Chinese internet companies' upcoming quarterly earnings, and that markets will have to decide whether they prefer that the sector returns to a duopoly or becomes more fragmented in the long-term.