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BUZZ-China's food delivery giant Meituan sinks to 7-month low

05/10/2021 03:22
BUZZ-China's food delivery giant Meituan sinks to 7-month low

** Shares of China's food delivery giant Meituan 3690.HK fall as much as 9.8% to HK$255, their lowest since Oct. 6, on course for a ninth straight session of decline

** Stock last down 8.1%, on track for the best day since March 8; the most actively traded shares by turnover and the biggest percentage decliner in both Hang Seng Index .HSI and the Hang Seng Tech Index .HSTECH

** China's State Administration for Market Regulation had said in a special meeting on the rectification and supervision of Internet platform companies last Friday that it would continue to promote rectification of platform companies nL1T2MU10W

** Meituan's chairman Wang Xing had last week posted an ancient poem on Fanfou, a twitter-like social media platform, that had triggered traders' speculation that he was complaining about the ongoing regulatory crackdown. The post was later removed and Wang had clarified on Sunday that the poem had reminded him that dangerous rivals are usually not the expected ones.

** The Hang Seng Tech Index .HSTECH slips 0.9%

** The Hang Seng China enterprises index .HSCE slides 0.6%, and the benchmark index .HSI eases 0.2%

** As of last close, the stock had slid 4% this year

(Reuters Messaging: [email protected], editing by Ed Osmond)