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Founder Meitu calculates $ 2bn error in media coverage


For Chinese businessman Wang Xing, a nightly note in the middle of an old social media poem could be worth $ 2.1bn.

Shares in Meituan, China’s largest food distribution platform, fell by almost 14% in Hong Kong last week shortly after its launch divided it into four parts written 1,000 years ago by poet Zhang Jie. Advertisers were quick to point out Wang’s head in the poem, which was originally a protest against the Tang dynasty, as a cover for Chinese President Xi Jinping.

By the end of Monday, Wang’s fortune had fallen by $ 2.1bn to $ 18.8bn following this.

This article confirms the cold that has dropped in China’s technical sector. Rival Alibaba, whose founder Jack Ma is he was very missing from the group since last year, he was paid a fine of $ 2.8bn last month for misusing their market. The first $ 37bn public investment of Ma’s fintech section Group Group, which would be the largest in the world, was smashed by officials at the end of November.

Online commentators are quick to compare the Meituans, who are also experiencing counter-investigation, and the problems of Ma. The overthrow of the Ma government followed a public outcry by an Internet billionaire of Chinese officials and government banks.

Meituan is paid a fine of Rmb11.5bn ($ 1.8bn) if regulators are seen to be politically active.

Wang, whom Chinese journalists have already mentioned “Business Poet”, became famous for his daily post on social media ranging from praise to potatoes to the health of American financier Charlie Munger.

The illumination was over when he described a poem he had written called ‘The Pits Burning Books’. The poem condemned the actions of the first Chinese emperor who tried to stamp out intellectuals by burning books, but only to have his royal line overcome by the uneducated. Before China came to power in 1945, Mao Zedong wrote the same poem comparing himself to a reformer.

Poetry has been a feature of Chinese history as a way for non-critics to express their dissatisfaction, but Wang also said that his role was limited to Meituan ecommerce opponents.

The Meituan chief executive has a history of cracking down on Chinese officials.

Fanfou, the Twitter-based platform where the poem was posted this month, was set up by Wang in 2007. The platform was known to exchange ideas freely before government officials became free and forced them to join in 2009.

Fanfou later re-emerged in the reviewed system but is now available to a small group of original users.

Following Fanfou’s guidance by supervisors, Wang told a Chinese journalist that he hoped to avoid similar problems in the future. “You can’t go wrong without learning anything,” he said. “Even if you think you understand, the rules change all the time.” He later admitted that he was not good at government.

The contestants describe Wang, who studied in the US, as brave and determined. Supervisors say they have a keen interest in knowing, directing and working in the conflicts between workers in Meituan. At a press conference in 2011, he disclosed a $ 62m Meituan bank account confirming that the group was dissolved.

“They are like Jeff Bezos, who is very passionate and passionate,” said Li Chengdong of Haitun. “He’s a workaholic, he doesn’t really love life.”

Wang’s willingness to experiment is evident in Meituan. The company started out as a Groupon shopping page but now offers everything from movie tickets to payments.

“They lead through ideas and executives are punished to kill businesses that don’t work,” said one person close to the company. “He knows what it looks like when you work.”

This review comes at a time when Meituan is investing heavily in running its own catering business, pushing for Rmb2.2bn a quarter in the fourth quarter. The company raised $ 10bn debt and justice last month.

Debt settlement may not be a major problem for Meituan as the group is being monitored for more than 1.5m food aid to Chinese cities.

Like its US counterpart Uber, Meituan does not directly use passengers or offer them the best. Chinese media reports focus on the severe penalties that passengers receive for late delivery and other offenses. Last month, high-performing worker in Beijing he hid as a Meituan driver and only found Rmb41 in a 12-hour shift.

Robin Zhu, a Bernstein business analyst, points to a Nanjing-led effort that requires regular drivers to earn money as social insurance. Any move around the world could affect the Meituan tree, says Zhu.

Wang seems to be taking part to please the directors, telling investors in March that Meituan could begin to set up a fundraiser to help “supervisors… Better understand the machine”.

He also tried to solve Meituan’s problems by opening his check book. In recent weeks, Wang donated Rmb50m to his secondary school in his hometown of Fujian and donated a large sum of money to alma mater, a prominent Chinese university of Tsinghua.

“Let’s play by the rules. We will do our best to become a good corporate citizen, ”Wang said in March.

Additional reports of Nian Liu in Beijing


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