Update: Meituan Tumbles After China Tells Delivery Platforms to Cut Fees

Shares of Meituan tumbled the most in nearly seven months after China issued new guidelines telling food delivery platforms to cut fees. The sell-off showed that investor angst over the nation’s tech giants remains high.

The food delivery giant’s stock sank 15%, wiping out $26 billion of market value, after the government asked platforms to cut charges for restaurants to reduce business costs. The move caused a rout in tech shares, with the Hang Seng Tech Index closing 3.2% lower while the benchmark Hang Seng Index dropped 1.9%.