HK Movers | Meituan and BYD Both Drop Almost 5%
BYD led Chinese electric vehicle stocks lower in Hong Kong on Monday, as investors digested the auto giant’s sweeping price cuts of as much as 35% late last week. Shares of China’s No. 1 selling car brand tumbled as much as 4.9%.
Meituan shares dropped 4.6%. China's State Administration for Market Regulation has issued draft guidelines on the fees online platforms charge third-party merchants, a key revenue stream for companies like JD. com, Meituan, and PDD Holdings Inc. The regulator stated that platform operators should charge reasonable fees and consider factors such as the operational status of the merchants they work with.
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