Meituan, Tencent and other Chinese tech firms continue to plunge as Beijing expands its crackdown
CNN
Chinese tech stocks are continuing their big sell-off as investors continue to digest Beijing's widening crackdown on private enterprise.
Meituan dropped 16% in Hong Kong on Tuesday, eclipsing Monday's massive 14% loss — making it the food delivery firm's worst two days on record. That plunge — which combined, has wiped out more than $56 billion in market value for Meituan since Friday — came as Chinese regulators issued new guidelines Monday calling for improved standards for food delivery workers.President Joe Biden is expected to announce an executive order as early as Tuesday that would effectively shut down the US-Mexico border to asylum-seekers crossing illegally when a daily threshold of crossings is exceeded – a sweeping and controversial proposal that is likely to receive fierce pushback from progressives and immigration advocates.
In the days and weeks leading up Hunter Biden’s trial on felony gun charges, President Joe Biden made little attempt to distance himself from his son. Instead, Hunter Biden was seen at the White House and in Delaware at his father’s side amid what the president’s allies acknowledge is a difficult moment for both men.