Shares in Mituan, China’s largest food delivery platform, have hit the headlines after being posted by its CEO, and then removed _ An ancient poem widely seen as criticizing the Chinese government
Authorities are investigating allegations of the company’s anti-monopoly behavior being part of a broader crackdown on technology companies.
Its CEO Wang Jing posted a poem of the classical Qin Tang dynasty, which was then criticized for silencing his critics by burning books.
Wang’s post was likened to the ruthless ancient emperor and the current authoritarian government of China. Investors were concerned about how Chinese officials might react who are selling their holdings of Mituan’s stock.
Wang posted a classical poem, “The Book Burning Pit” by Tang Dynasty poet Zhang Jie, according to Chinese media reports. He later deleted the post, stating that fierce competition was to be noted in the e-commerce industry, where the most dangerous competitors are often unpredictable.
The Qin emperor is revered as the founder of a modern, unified China, but is considered a ruthless and ruthless ruler who killed scholars who dared to avoid him.
Under President Xi Jinping, China has already implemented strict control over the repressive political landscape and over the Chinese media. The ruling Communist Party has a tolerance for public dissatisfaction.
The Internet sector has come under intense scrutiny in recent months as Beijing expressed concern over the growing influence of companies such as e-commerce giants Alibaba and others.
Regulators ordered Alibaba to pay a $ 2.8 billion fine for abusing its market position and scrapped plans for a large-scale initial public offering by its affiliate group.
Other technology companies, including gaming giant Tencent and search engine giant Baidu, were fined for failing to disclose investments and acquisitions. Regulators have also called on companies to warn against anti-competitive behavior.
Alibaba’s troubles surfaced at a conference in November after its founder Jack Ma was publicly accused of being behind financial regulators.
In late December, Alibaba’s stock price fell nearly 17% after regulators announced they were investigating the company.