Meituan lost $26 billion after CEO posted ancient poem online

Meituan has been following the footsteps of many other tech giants in China.


Alfred Lee

13 May, 2021

Meituan lost $26 billion after CEO posted ancient poem online | BEAMSTART News

Meituan, one of China's largest tech companies, saw its shares tumble after it's CEO published a 1000-year old poem online.

CEO Wang Xing published a poem that was merely 28 characters long, but its contents provoked many old-school players in China's tech industry

Key Highlights

  • Meituan CEO, Wang Xing, published a controversial 1000-year old poem online that seemingly "rattled" the tech industry and country regulators.
  • While the ancient poem was just 28 characters long, it cost the company $26 billion (and $2.5 billion to CEO Wang Xing) after its shares fell.
  • Wang Xing has been a fan of literature and shared that the ancient poem was something that saddened him about China's evolving business landscape.
  • CEO Wang Xing later took down his post, but Meituan's shares had already fallen.

Why It Matters

  • China's anti-trust regulators have rolled out a series of new laws to govern internet companies — affecting giants such as Meituan, Alibaba, and Tencent.
  • Meituan is still growing at an astounding pace, encroaching deeper into Alibaba, Tencent, and even DiDi's markets.
  • Meituan recently raised $10 billion last month to fight competitors more aggressively.

Latest Jobs

Chief Executive Officer

Healthuno Healthcare India

Chennai, India (इंडिया)

Full Time

Salary Undisclosed

React Native Developer

SegWitz Sdn. Bhd.

Bandar Puteri Puchong, Malaysia

Full Time

MYR 4000 monthly

Affiliate Marketing Manager

Binance

Singapore

Full Time

SGD 2000 — SGD 2500 monthly

Senior Analyst, Product

Carsome

Petaling Jaya, Singapore

Full Time

Salary Undisclosed

Strategy and Growth Lead

Pluang

Jakarta, Indonesia

Full Time

Salary Undisclosed

3D Creative Designer

Nervape

Singapore , Singapore

Full Time

USD 4000 — USD 7000 monthly

Business Development Manager

Tourplus

Kuala Lumpur, Malaysia

Full Time

MYR 10000 — MYR 30000 monthly

Business Development Intern

BEAMSTART

Damansara Uptown, Malaysia

Internship

MYR 400 — MYR 500 monthly

HR Consultant/Recruiter

Fortune Cookie Wisdom Pte Ltd

Remote, Singapore

Contract / Freelance

Salary Undisclosed

Business Development Manager

Lumirous

Kuala Lumpur, Malaysia

Full Time

Salary Undisclosed

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest news, events, and opportunities.

 

Download the Community App

Connect with the BEAMSTART Entrepreneurship Community from the palm of your hands. Connect with CEOs/Founders, Investors, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2022 BEAMSTART. All Rights Reserved (Legal).