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China tech crackdown: Meituan, Ele.me, other on-demand delivery providers face dim prospects amid Beijing’s scrutiny, analysts say

February 21, 2022
Source: scmp.com scmp.com
News Snapshot:
Chinese on-demand delivery services providers, led by Meituan and Ele.me , face gloomy prospects after Beijing directed these internet platforms to cut the fees they charge restaurants , which has put a cap on their profit margins, according to analysts. “Since food delivery accounts for a big proportion of these platforms’ revenue, the reduced commission fee would have an impact [on their revenue],” said Zhang Yi, chief executive of market research firm iiMedia. Beijing-based Meituan, operator of China’s largest food delivery and on-demand local services platform, has already lost about 20 per cent of its market value over the past...
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