Heard on the Street: Investors in Chinese technology stocks hoping to catch a break after last year’s crackdown are finding themselves dodging new curveballs instead
to help struggling restaurants. Meituan shares have more than halved from their peak of around a year ago.
China’s retail sales have been lagging behind other drivers of economic growth. Small- and medium-size businesses are doing particularly poorly. The market may be overreacting if this proves to be only a short-term measure to shore up struggling restaurateurs. Meituan provided subsidies and rebates to its merchants at the outset of China’s initial Covid-19 outbreak in 2020, but its sales quickly recovered after the pandemic there came under control.
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