Chinese food delivery giant Meituan shed $26bn in value on Friday after regulators said they would push to lower the fees food platforms can charge restaurants for delivery.
China’s latest crackdown comes amid a flurry of government restrictions added to the country’s tech sector over the past year, which have mainly been aimed at reining in the country’s high-flying consumer tech companies.
The announcement by China’s state planner, the National Development and Reform Commission, and 13 other agencies came in a package of proposals to help the country’s struggling service industry, which has been hit hard by the campaign to suppress Covid-19 infections.
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