luchtschip schreef op 27 juli 2021 20:46:
Tencent, Alibaba, and Meituan stocks continue to plunge as China expands its crackdown.
twitter.com/nathanattrill/status/1419...Meituan, Tencent and Alibaba just lost hundreds of billions of dollars in market value
Chinese tech stocks keep getting slammed with a stunningly massive sell-off that has wiped out hundreds of billions of dollars in market value as investors continue to digest Beijing's widening crackdown on private enterprise.
Meituan closed down 17.7% in Hong Kong on Tuesday, eclipsing Monday's massive 14% loss — making it the food delivery firm's worst two days on record. Tech giant Tencent, meanwhile, dropped 9% in Hong Kong, recording its worst day in about a decade.
Meituan's plunge — which combined, has wiped out more than $62 billion in market value for the company since Friday — came as Chinese regulators issued new guidelines Monday calling for improved standards for food delivery workers.
China's State Administration for Market Regulation said in a statement that companies should take steps to ensure that riders make at least the local minimum wage, to reduce the "intensity" of the workload, and to "strengthen traffic safety education and training," among other measures.
Meituan runs one of China's biggest food delivery platforms, with hundreds of millions of users making transactions on its app annually. The company said in a statement Tuesday that it had "received and closely studied" the new rules, and would "strictly comply" with them.
"We are committed to improving our compliance standards to protect the rights of our stakeholders, which include delivery riders," it added. "We believe that the publication of the new guidelines will bene?t the healthy development of China's internet industry as a whole."
Meituan's shares have sunk more than 34% so far this year.
Other tech giants' stocks dropped, too. Shares of China's two most valuable companies, Alibaba (BABA) and Tencent (TCEHY), slid over the past 48 hours, with Alibaba closing down 6.4% in Hong Kong on Monday and falling another 6.4% on Tuesday.
Tencent's declines over the past two days, meanwhile, have erased more than $100 billion from its market value.
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