Chinese food delivery giant slumps on new fee-cut measures
-
Turkish Energy Minister Highlights Qatar as Key Partner for Regional and Global Energy Security
-
Rene Eyre Revisits Autobiographical Performance 'Say A Little Prayer' in London
-
London Museum Granted 24/7 License Ahead of November Opening
-
UAE's HCT Holds Record Graduation and Announces Major Training Expansion
-
Dana White Confirms Flight to Washington for Trump Meeting on Press Secretary Role
-
NASA Awards $10B Lunar Contract Framework to SpaceX, Blue Origin
-
Dengue Fever Expands Into High Himalayas as Climate Change Warms Nepal
-
Katy Perry Tells Fans Ex-Husband Russell Brand 'Should Be in Jail' During UK Concert
-
IoT Refrigerator Hacks Disrupt Blood Labs and Supermarkets Across Europe and US
-
South African election results renew debate over identity-based voting
-
Post-election pressures complicate US and Israeli decisions on Iran
-
South African voters report smoother local election but declining IEC trust
-
UN members approve talks on treaty protocol against environmental crime
-
Dolly Parton museum and Nashville hotel open after singer’s death
-
Family-run West Sussex beach café prepares for first winter season
-
George and Amal Clooney attend New York political-comedy reading
-
CT scans reveal health and burial clues from Egypt’s Braided Lady mummy
-
British buyers pay substantial premiums for period-home appearance
-
Oxford faces complaints over lecturer’s classroom attire
-
Thomas Markle released to house arrest after child-abuse-image charge
-
Kyren Wilson and John Higgins reach International Championship snooker final
-
Dawn of War 4 developers chose Adeptus Mechanicus for tactical variety
-
New Zealand and Tonga meet for place in Rugby League World Cup final
-
Italy face unbeaten South Africa in Turin Nations Championship match
-
Reports of unsafe AI-toy responses renew calls for child-safety rules
-
ChatGPT interactive interface feature tested across six custom tools
Chinese food delivery giant slumps on new fee-cut measures
Shares of Chinese food delivery giant Meituan slumped Friday as Beijing released new guidelines instructing internet platforms to lower fees for struggling eateries.
The guidelines, published by China's top economic planner, aim to support a service sector hit especially hard by restrictions to curb the spread of Covid-19.
Shares in Meituan, which has hundreds of millions of users in China, plunged almost 15 percent in Hong Kong when markets closed Friday.
Earlier this week, a State Council meeting pledged to scale up support for sectors such as catering, retail and tourism, including temporary tax breaks, the official Xinhua news agency reported.
And internet companies, including those doing food delivery, should be guided to further cut service fees, helping merchants bring down operating costs, according to the latest document from the National Development and Reform Commission.
"Internet platform companies shall be guided to give preferential service fees to catering firms... where medium- or high-risk areas in the pandemic are located," the NDRC added.
Beijing has embarked on a sweeping regulatory crackdown in the past year or so, clipping the wings of several major internet firms and leaving investors jittery.
Meituan shares have dropped nearly 60 percent in the last year, according to Bloomberg News.
China's economic growth also slowed dramatically in the second half of 2021, raising concerns about the impact of a strict zero-Covid approach that has left borders mostly closed to the outside world and impacted on supply chains.
H.Portela--PC
