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Meituan sheds US$58bn on China crackdown fears

July 28, 2021
Source: taipeitimes.com taipeitimes.com
News Snapshot:
Meituan (??) has shed more than US$58 billion of its market value over two frenetic trading sessions, after Beijing unveiled sweeping reforms against private-sector companies that darkened the outlook for the world’s biggest food delivery giant. The Chinese company yesterday slid a record 17 percent in Hong Kong, on top of a 14 percent plummet the previous day. The Tencent Holdings Ltd (??)-backed company, already the target of an antitrust probe with uncertain outcomes, was caught up in a broader sell-off of Internet stocks after China ordered swathes of its US$100 billion private education sector to go non-profit. The clampdown...
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