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 two trading...