Wang Xing, the Chief Executive Officer of Meituan, has further decreased his ownership in Li Auto by selling 5.737 million shares, realizing over HK$600 million in proceeds. This transaction has lowered his shareholding percentage from 20.94% to 20.61%. Notably, this marks the second time this year that Wang Xing has reduced his stake in Li Auto, following a previous sale of 6.5 million shares in March, which generated approximately HK$700 million. Despite these reductions, Wang Xing and Meituan continue to hold significant positions as shareholders and investors in Li Auto. In terms of financial performance, Li Auto reported first-quarter revenues of RMB 25.93 billion, representing a year-on-year increase of 1.1% but a notable decline on a quarter-on-quarter basis. Separately, when addressing competition from JD.com's food delivery service, Wang Xing underscored that Meituan would not engage in 'low price, low quality' competition tactics and would instead continue to invest in fostering the development of the industry ecosystem.