Chinese language authorities on Friday mentioned the nation’s on-line food-delivery platforms ought to cut back the charges they cost companies, sending shares of trade large Meituan plummeting to their lowest stage in additional than a 12 months.
Meituan, one among China’s Most worthy internet-platform firms, operates a cellular app that a whole bunch of thousands and thousands of individuals use to order meals. Its shares tumbled 15% in Friday afternoon buying and selling in Hong Kong to their lowest shut since July 2020. The drop shaved $26 billion off Meituan’s market capitalization, taking it to the equal of about $148 billion, in keeping with FactSet.
