Shares of China’s food delivery giant Meituan rebounded more than 8 percent on Oct. 11. The company’s financial penalty for violating the anti-monopoly regulations was lower than expected, and less severe than Alibaba’s earlier this year. Analysts predict that market uncertainty will persist and keep tech sector valuations depressed for several more months. With regulatory stings,…
China’s Meituan Anti-Monopoly Fine Less Than Feared, Shares Rebound
October 11, 2021
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Meituan to Change Delivery Algorithm Rules Amid Increased Regulatory Scrutiny
Chinese food delivery giant Meituan released its algorithm rules for the first time as it faces increased scrutiny from regulators. The move is aimed at protecting labor rights for millions of riders by extending the estimated delivery time. The algorithms help to estimate the time span for riders to complete their deliveries, Meituan stated on…
China’s Meituan to Change Delivery Algorithm Rules Amid Increased Regulatory Scrutiny
Chinese food delivery giant Meituan released its algorithm rules for the first time as it faces increased scrutiny from regulators. The move is aimed at protecting labor rights for millions of riders by extending the estimated delivery time. The algorithms help to estimate the time span for riders to complete their deliveries, Meituan stated on…
China’s Meituan Reports 3rd Quarterly Loss, Warns on Antitrust Fines
BEIJING—Chinese food delivery giant Meituan warned it could be required to pay “a significant amount” of antitrust fines and posted a third consecutive quarterly loss on Monday as it continued to invest in expanding its various businesses. Meituan, China’s eighth largest company by market value, has faced regulatory heat as authorities crack down on the…
Three Chinese Tech Giants’ Shares Drop Over 30 Percent After Beijing’s Recent Crackdown
Despite the surge in online shopping driven by the pandemic lockdown, China’s major online retailers’ shares—that had soared to record highs in February—fell sharply amid the Chinese regime’s stricter control measures.
Posted Ancient Poem Likely Criticizing Beijing Rattles Stock Market
A Chinese billionaire rattled the stock market by quoting an ancient poem on social media, reflecting on the fall of the Qin Dynasty—the first empire in China. Although the post was later deleted, his company’s stock plunged to a new low of the year. “The Book Burning Pit,” read as “Fen Shu Keng” in Chinese,…
China Probes Takeout Firm Meituan Over Antitrust Concerns
HONG KONG—China’s market regulator said Monday it has launched a probe into suspected monopolistic behavior by food delivery firm Meituan. The investigation comes amid increased scrutiny of internet companies suspected of anti-competitive practices. The State Administration for Market Regulation said in a statement that it was looking into Meituan’s policies, including exclusivity arrangements known as…
Founder of Chinese Delivery Drivers Alliance Arrested for Rights Activism
March 4, 2021
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The founder of Drivers’ Alliance, which is a mutual aid network of Chinese delivery drivers, was recently arrested in Beijing for establishing a union-like civil organization to protect the workers’ rights. His arrest has attracted both domestic and international attention. Xiong Yan, a native of Guizhou Province and whose real name is Chen Tianhe, has…
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