A Meituan executive said the company had no choice but to join the latest round of what he called “irrational competition” against rivals JD.com and Alibaba Group Holding in China’s instant delivery sector, even though the blizzard of discounts being offered to woo buyers had become disconnected from business fundamentals. “We didn’t want to take part in [the price war], as we don’t think it makes sense,” Wang Puzhong, head of Beijing-based Meituan’s core local commerce business, said in an...