![]() ![]() The key characteristics of mobile apps and the relationship thoseĬharacteristics have with market share and growth rate in global markets. Mobile applications across different categories by using the measures of In May, Meituan founder, Wang Xing, also found himself in hot water over a controversial poem he posted - and then deleted - on social media.In this research, we examine the popularity of Earlier this year, China launched an antitrust probe into Meituan, with authorities looking into its “exclusive dealing agreements.” The company was also one of dozens of Chinese tech firms summoned by officials in April, which were urged to review and resolve any anti-competitive behavior. This isn’t the first time Meituan has found itself in regulatory crosshairs. “We view share price pullback about guidelines details as overdone,” Chong added. The firm has long been working to improve conditions for riders, even hosting about 100 sessions with workers since last year to collate feedback, he wrote in a note to clients Tuesday. In some cases at least, investors’ concerns may be overblown, according to Jefferies analyst Thomas Chong, who reiterated a recommendation to buy Meituan’s stock Tuesday. New Oriental Education & Technology plunged nearly 50% in Hong Kong on Monday, and later closed down almost 34% in New York. The announcement from China’s Ministry of Education has wiped billions of dollars off the market value of several major, publicly-traded education firms. New rules published over the weekend took aim at fast-growing tutoring companies, barring them from turning a profit or raising funding on stock markets. Now, that is spreading as China’s clampdown continues to ripple across sectors: Chinese officials have lately also turned their attention to the private education industry. Since February, shares of overseas-listed Chinese tech firms have lost a staggering $1 trillion in value, according to Goldman Sachs analysts. In recent months, China’s tech industry has suffered a palpable chill. Tencent said in a statement Saturday that it “fully” accepted the decision, and would “strictly follow the regulatory requirements.” It also pledged to “fulfill our social responsibilities and contribute to healthy competition in the market.” $1 trillion in lost value Regulators cited competition concerns, noting that Tencent has already long been leading the market. ![]() Tencent was hit by a regulatory order over the weekend to scrap its plan to acquire another music streaming player, China Music Corporation. The Hang Seng TECH Index, a Nasdaq-like technology index that tracks the largest tech firms trading in Hong Kong, fell 4.5% on Tuesday, bucking the regional trend among many major indexes. Tencent dropped 7% in Hong Kong on Tuesday, also extending Monday declines. Shares of China’s two most valuable companies, Alibaba and Tencent, also slid over the past 24 hours, with Alibaba closing down 6.4% in Hong Kong on Monday and falling another 4.6% on Tuesday. Its shares have sunk more than 32% so far this year. ![]() “We believe that the publication of the new guidelines will benefit the healthy development of China’s internet industry as a whole.” “We are committed to improving our compliance standards to protect the rights of our stakeholders, which include delivery riders,” it added. The company said in a statement Tuesday that it had “received and closely studied” the new rules, and would “strictly comply” with them. Meituan runs one of China’s biggest food delivery platforms, with hundreds of millions of users making transactions on its app annually. John Chambers: ‘I’m encouraging my startups not to do business in China’ That plunge - which combined, has wiped out more than $56 billion in market value for Meituan since Friday - came as Chinese regulators issued new guidelines Monday calling for improved standards for food delivery workers.Ĭhina’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 dropped 16% in Hong Kong on Tuesday, eclipsing Monday’s massive 14% loss - making it the food delivery firm’s worst two days on record. Tencent’s stock in Hong Kong closed down nearly 9% on Tuesday, its worst day in a decade. The share prices of Chinese tech companies, including Alibaba, Tencent and food delivery platform Meituan have all taken a hammering this week. ![]()
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