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Coco Liu, Yoojung Lee and Ishika Mookerjee, Bloomberg News Wang Xing , Bloomberg (Bloomberg) -- 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...

Shares in Meituan, China’s largest food delivery platform, have tumbled after its chief executive posted – and then deleted – an ancient poem in a move widely seen as possible criticism of the Chinese government. Authorities are investigating the company over allegations of anti-monopolistic behaviour, part of a wider crackdown on technology companies. Meituan’s stock price lost 5.3% on Tuesday and plunged as much as 9.8% on Monday after its chief executive Wang Xing posted the classical Tang dynasty poem, which criticised Emperor Qin Shi Huang for silencing his critics by burning boo...

Meituan shares slump as fallout from CEO's poem post festers by Reuters Share: SHANGHAI, May 11 (Reuters) - Shares of Chinese food delivery giant Meituan slumped further on Tuesday in a sell-off precipated by the social media posting by its chairman of an ancient poem that was perceived by some as criticising the government and President Xi Jinping. The company, which recently raised $10 billion, has lost $30 billion in market value over two days amid a broader drop in Chinese tech shares as investors remain jittery over a regulatory clampdown that last month ensnared Meituan. The p...

Shares in Meituan, China’s largest food delivery platform, have tumbled after its chief executive posted – and then deleted – an ancient poem in a move widely seen as possible criticism of the Chinese government. Authorities are investigating the company over allegations of anti-monopolistic behaviour, part of a wider crackdown on technology companies. Meituan’s stock price lost 5.3% on Tuesday and plunged as much as 9.8% on Monday after its chief executive Wang Xing posted the classical Tang dynasty poem, which criticised Emperor Qin Shi Huang for silencing his critics by burning boo...

May 11, 2021 Wang Xing, co-founder, chairman and chief executive of Meituan Dianping, is seen during the the company's global offering press conference at the Island Shangri-La Hotel in Admiralty. South China Morning Post Wang Xing, the co-founder of China’s dominant food delivery service Meituan, has sparked a social media frenzy and a sell-off of its stock, after posting a millennium-old Chinese poem seen as an unsubtle jab at the government. The 42-year-old internet entrepreneur, whose company is under investigation for possible breaches of China’s antitrust laws, posted a poem on Sun...