Meituan Stock Dives 15% After China Issues Food Platform Curbs - Bloomberg

Meituan has shed more than $58 billion of its market value over two frenetic trading sessions, after Beijing unveiled sweeping reforms against private-sector companies that darkened the outlook for the world’s biggest food delivery giant.

The Chinese company slid a record 16.3% Tuesday in Hong Kong, on top of a 14% plummet the previous day. The Tencent Holdings Ltd.-backed company, already the target of an antitrust probe with uncertain outcomes, was caught up in a broader selloff of internet stocks after China ordered swathes of its $100 billion private education sector to go non-profit.

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