China tells billionaire to lie low after posting controversial poem

China’s government summoned Meituan’s Wang Xing to a meeting recently and warned him to keep a low profile, after the founder of China’s third-largest tech corporation last month posted a controversial poem that convulsed markets and sparked a social media furore.

The Tang Dynasty poem — describing the burning of books under China’s first emperor — was widely seen as anti-establishment and triggered a $26bn sell-off in Meituan’s shares over two days.

Officials refrained from taking more severe action against Wang because they did not want to convey the impression that every minor transgression could result in dire consequences, one of the people said. The incident transpired less than two months before the Chinese Communist Party is poised to celebrate the 100th anniversary of its founding on July 1, a politically sensitive period in the country.

The billionaire has not been seen nor heard in public beyond a brief appearance on Meituan’s quarterly earnings call in May. His donation of a $2.3bn stake in the food delivery giant to charity — one of the largest single acts of philanthropy during the pandemic — was revealed through a company disclosure statement to the Hong Kong Stock Exchange, in lieu of a personal announcement.

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