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Meituan News

Chinese billionaire

11 May 2021

Chinese billionaire suffers a loss of Rs 18,365 crore for sharing a poem

The poem, posted on May 6 by Chairman and CEO Wang Xing on a small social media site that he founded, criticises the emperor of the Qin dynasty, who burnt books to suppress intellectual dissidents, only for it to be overthrown by illiterates. Shares of Chinese food delivery giant Meituan slumped further in a sell-off precipitated by the social media posting by its chairman of an ancient poem that was perceived by some as criticising the government and President Xi Jinping. He was referring to social media criticism of Meituan and other industry players` treatment of delivery riders, most of whom are not covered by basic social and medical insurance.

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