 "Meituan, food delivery")
Meituan plummeted 15 per cent intraday, its worst on record, after China issued regulations to tighten oversight of the country’s massive food delivery sector.
The government posted a notice Monday asking meal delivery operators to respect the rights of delivery staff.
Online food platforms must ensure that delivery workers earn at least the local minimum income, according to a guideline released by seven government agencies including the State Administration for Market Regulation.
Tencent Holdings-backed Meituan, the industry’s largest operator alongside Alibaba Group Holding, is already grappling with an investigation into alleged monopolistic behaviour.
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The government posted a notice Monday asking meal delivery operators to respect the rights of delivery staff.
Online food platforms must ensure that delivery workers earn at least the local minimum income, according to a guideline released by seven government agencies including the State Administration for Market Regulation.
Tencent Holdings-backed Meituan, the industry’s largest operator alongside Alibaba Group Holding, is already grappling with an investigation into alleged monopolistic behaviour.
