Investors in Chinese technology stocks hoping to catch a break after last year’s brutal crackdown are finding themselves dodging new curveballs instead.
Chinese food-delivery giant Meituan is the latest case in point. Shares of the Hong Kong-listed company lost 18%—or around $32 billion in market value—in two trading days after China’s state planner suggested Friday that online food-delivery platforms should cut fees to help struggling restaurants. Meituan shares have more than halved from their peak of around a year ago.
