DDL - Dada Meituan and other U.S.-listed Chinese food-delivery stocks tank amid crackdown

Daisy-Daisy/iStock via Getty Images U.S.-listed Chinese food-delivery app firms like MissFresh (MF) and Meituan (MPNGF) saw their shares tumble as much as 16%+ Monday after Beijing’s ongoing regulatory crackdown took aim at the sector. MF sank 16.3% to a post-IPO low of $5.60, while MPNGF shed 14.5% to an 11-month low of $29.38. Meanwhile, rival firms Dada Nexus (DADA) gave up 10.6% to a 2-1/2-month low of $20.99, while DingDong Maicai (DDL) fell 7.5% to close at a post-IPO record trough of $19.92. Chinese online giant Alibaba (BABA), which owns the popular Ele.me food-delivery app, also sank 7.2% to a nearly 15-month low of $191.76 on a word of various crackdowns by Beijing. The food-delivery companies, some of which staged U.S. IPOs just weeks ago, tumbled after seven Chinese regulatory agencies ordered the sector to undertake several reforms. China’s State Administration for Market Regulation Cyberspace Administration of China, Ministry of

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Dada, Meituan and other U.S.-listed Chinese food-delivery stocks tank amid crackdown