Food delivery platform Meituan saw its shares fall as much as 16 percent on February 18, following new regulations to revive the catering industry.
Among the National Development and Reform Commission’s new rules for the service sector, is guidance that food delivery platforms should reduce their charges.
Meituan shares collapsed to HK$182 (147.6 yuan, US$23.3) from HK$217, closing at HK$188.
Other tech shares followed suit, including Alibaba and video-streaming site Bilibili. The HSTECH index fell 3.22 percent and the Hang Seng by 1.88 percent.
