Provided by Dow Jones By Yifan Wang Hong Kong technology stocks were sharply lower in early trade Tuesday following steep losses for the sector in U.S. trading overnight. Shares of Meituan suffered the heaviest losses on the benchmark Hang Seng Index, dropping as much as 8.7% to HK$240, its lowest intraday level since September last year. The dive came after Shanghai authorities said late Monday that Meituan had been ordered to revamp its operations and correct potential abuse of its market dominance, a further move by regulators to rein in the Chinese delivery giant after Beijing s move last month to launch an antitrust probe into the firm.
Chinese Delivery Giant Meituan In Trouble After CEO s Puzzling Post Meituan CEO Wang Xing lost $2.5 billion of his wealth after he posted verses from a millennium-old poem about the misguided attempts of China s first emperor to quash dissent.
Updated: May 11, 2021 8:09 pm IST
It took just 28 Chinese characters on an obscure social media platform to ignite a controversy that s rattled the country s tech industry.
Meituan CEO Wang Xing lost $2.5 billion of his wealth after he posted verses from a millennium-old poem about the misguided attempts of China s first emperor to quash dissent. Wang, a usually plain-speaking engineer who enjoys literary classics, later scrubbed his post and explained he was really calling out the short-sightedness of his own industry, trying to clarify there was no implied criticism of the government. But the damage was done: Meituan shed $26 billion over two days, the biggest loser in a broader tech rout.
China: Businessmen could face 25 years in Jail
ANI
11 May 2021, 22:03 GMT+10
Beijing [China], May 11 (ANI): Chinese businessmen Sun Dawu, who has been vocal in criticising Chinese authorities about its handling of the COVID-19, could face 25 years in prison if convicted on a range of charges against him.
Sun Dawu has been accused of provoking trouble and disturbing public order, illegal mining, encroachment on state farmland, obstructing public service and illegal fundraising, among other charges, prosecutors in Gaobeidian in Hebei province said in a document on Wednesday.
The document also listed the charges against 19 other people who were detained with Sun in November over a land dispute between his Dawu Agricultural and Animal Husbandry Group and a state farm, South China Morning Post reported.
Up 8.74% from 52 weeks ago (May 12, 2020), when it closed at $200.31 Down 31.32% from its 52-week closing high of $317.14 on Oct. 27, 2020 Up 9.2% from its 52-week closing low of $199.46 on May 13, 2020 Traded as low as $213.00; lowest intraday level since Dec. 24, 2020, when it hit $211.23 Down 2.97% at today s intraday low All data as of 11:15:02 AM Source: Dow Jones Market Data, FactSet (END) Dow Jones Newswires
Up 8.74% from 52 weeks ago (May 12, 2020), when it closed at $200.31 Down 31.32% from its 52-week closing high of $317.14 on Oct. 27, 2020 Up 9.2% from its 52-week closing low of $199.46 on May 13, 2020 Traded as low as $213.00; lowest intraday level since Dec. 24, 2020, when it hit $211.23 Down 2.97% at today s intraday low All data as of 11:15:02 AM Source: Dow Jones Market Data, FactSet (END) Dow Jones Newswires Sponsor Center Read More
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.