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Meituan shows China tech isn’t delivering yet

February 22, 2022
Source: techiazi.com techiazi.com
News Snapshot:
Meituan shows China tech isn’t delivering yet Technology By Sunil yadav Investors in Chinese technology stocks hoping to catch a break after last year’s brutal crackdown are finding themselves dodging new curveballs instead. Chinese food-delivery giant Meituan is the latest case in point. Shares of the Hong Kong-listed company lost 18%—or around $32 billion in market value—in two trading days after China’s state planner suggested Friday that online food-delivery platforms should cut fees to help struggling restaurants. Meituan shares have more than halved from their peak of around a year ago. Friday’s policy guidelines, from the state economic planner and...
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