SHANGHAI -- From a potential $1 billion fine to Xi Jinping's campaign for "common prosperity," Meituan, the operator of the China's top food delivery app, faces mounting government pressure on a business model that has made it one of the country's most valuable tech stocks.
Meituan's predicament parallels that of e-commerce leader Alibaba Group Holding, whose market value has taken a blow from Beijing's crackdown on the data-rich giant after outspoken founder Jack Ma is said to have angered Xi by criticizing China's financial system.
