Beijing: The new regulation on online food delivery platforms in China has hit the industry hard, eroding over $25 billion in the stock value of the Meituan food delivery app being run by Alibaba. A group of Chinese authorities has announced that the food delivery platforms should further reduce the service fees charged to restaurants in order to lower the operating costs for food and beverage businesses, reports TechCrunch. The news sent Meituan’s stock down more than 15 per cent, erasing over $25 billion in market value. “Between 2016 and 2020, the number of people who ordered food online in…