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Tuesday, 11 May 2021 09:19 PM MYT Management team of China's Meituan Dianping, an online food delivery-to-ticketing services platform, attend a news conference on its IPO in Hong Kong, China September 6, 2018. — Reuters pic Subscribe to our Telegram channel for the latest updates on news you need to know. SHANGHAI, May 11 — Shares of Chinese food delivery giant Meituan slumped further today 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 ra...

Inflation concern spurs global tech rout DENTED TECH APPEAL: IG Asia Pte market strategist Yeap Jun Rong said investors continue to place their focus on the inflation narrative, with chip shortages in play Bloomberg The worldwide slump in technology stocks deepened yesterday, with investor angst over inflation and stretched valuations adding to fresh signs of regulatory scrutiny in China. Losses in Taiwan Semiconductor Manufacturing Co (台積電) and Samsung Electronics Co helped send MSCI Inc’s gauge of Asian tech stocks to its biggest drop sinc...

Highlights The poem, posted on May 6 by Chairman and CEO Wang Xing on a small social media site that he founded, criticises the emperor of the Qin dynasty, who burnt books to suppress intellectual dissidents, only for it to be overthrown by illiterates. Shares of Chinese food delivery giant Meituan slumped further in a sell-off precipitated 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. He was referring to social media criticism of Meituan and other industry players` treatment of delivery riders...

Meituan’s stock plunged to a seven-month low after the Chinese e-commerce company’s billionaire chief executive officer shared and then deleted a poem on social media that some interpreted as a veiled criticism of Beijing. The food delivery giant fell almost 10% in Hong Kong before closing 7.1% lower to wipe out about $16 billion. Wang Xing posted a classical poem about book burning by the emperor during the Qin dynasty on social media platform Fanfou.com, according to the Hong Kong Economic Times. He deleted it on Sunday and issued a clarification that he used the poem in reference to ...

HK market loses early gains as Meituan plunges 2021-05-10 HKT 16:49 The Hang Seng Index finished Monday in the red. Image: Shutterstock Local shares failed to hold on to their morning gains and finished with small losses on Monday, while the rest of the region was mixed after a below-forecast US jobs report raised hopes that near-zero interest rates will remain for the time being. The Hang Seng Index started the day up 166 points and rose as many as 231 points. It then reversed course to lose as many as 157 points. But it pared back most of those losses to end down almost 15 points at...