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China tech

Meituan shares slide after chief posts ancient poem on book-burning

Words posted by Chinese tech giant’s boss interpreted as challenge to Xi Jinping

Meituan co-founder and CEO Wang Xing attends the 2108 debut of the company at the Hong Kong exchange.    © Reuters

BEIJING (Financial Times) -- The share price of the Chinese food delivery app Meituan fell as much as 9.8 per cent on Monday after its chief executive posted an ancient poem that investors interpreted as criticizing Chinese President Xi Jinping on social media.

Meituan is currently under a Chinese government antitrust investigation for abusing its market dominance, following a record $2.8 billion fine levied on its chief rival Alibaba last month.

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