Security guards chat near a Meituan booth at an internet expo in Beijing last month.
The company, which recently raised US$10 billion, has lost US$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. While many on Chinese social media interpreted the posting as an allusion to the anti-monopoly campaign backed by Xi, Wang on Sunday said he was referring to business rivals, saying that “the most dangerous opponents are often unexpected ones”.Adding to investor concerns, the Shanghai Consumer Council said late yesterday that it had summoned Meituan and e-commerce firm Pinduoduo, accusing them of violating consumer rights.
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