Meituan drivers, in their identifiable yellow color, have become a common presence on streets of China’s cities. Credit: Capwiuejooh, Creative Commons
Perhaps only in China could a CEO quoting thousand-year old poetry lead to a plunge in their company’s share price. Yet that is what happened to food delivery giant Meituan — the country’s third-largest tech company — this spring.
Meituan boss Wang Xing’s decision to share on social media a Tang Dynasty poem that mocked the actions of China’s first leader was widely interpreted as a slight against President Xi Jinping. (Wang later said that it was intended as a commentary on his industry and competitors.) The company’s shares plummeted by as much as 9.8 percent in the aftermath.
Wang’s timing was not great. Along with other major Chinese tech companies such as Alibaba and Tencent, Meituan has been under greater scrutiny in the last few months. Chinese regulators announced in April that they were investigating Meituan for suspected monopolistic activities. It’s also come under fire for labor practices, alongside major competitor Ele.me. And Meituan was one
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