The government said meal-ordering platforms should lower commission fees charged to restaurants. Shares of industry leader Meituan plunged nearly 15 per cent to their lowest level in almost a year, while the tech giant Alibaba, which owns Ele.me—the other major food-delivery platform in China—fell 2.85 per cent, and Tencent, a major Meituan shareholder, dropped nearly 1.9 per cent. (The Wall Street Journal)

Talking point: The joint statement, published by 14 Chinese government bodies, said the online platforms should also give periodic discounts to food and beverage vendors in cities that have been hit by COVID-19 outbreaks. Meituan’s market capitalization fell by US$26 billion to about US$148 billion. The Chinese government’s latest crackdown follows a flurry of measures that have sought to rein in the tech industry, including a guideline issued last year where regulators ordered online platforms to protect workers’ rights.