Breakingviews - Breakingviews - Beijing leaves slim profit pickings for Meituan
A sign of Meituan delivery service is seen on a delivery box on a scooter, in Beijing's Central Business District, China July 15, 2020. REUTERS/Tingshu Wang - RC2GTH94Y89Cjust can't catch a break. Investors deducted $28 billion in market value from the company’s shares after the government on Friday unveiled new measures aimed at helping service sectors like retail and catering, which will include caps on fees and commissions charged by food delivery apps.
Details have yet to be disclosed, but any limit on how much Meituan can charge restaurants will bite. The company is already spending more on driver compensation and benefits to appease regulators. At the same time, strict Covid-19 lockdowns and overall weak consumption is likely to weighOperating margins at Meituan's food delivery business, which accounts for over half its top line, were a razor-thin 3.3% in the three months to September.
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