meituan shares slumped to a 19month low on friday after china called for onlinedelivery platforms to cut service fees and provide support measures for catering merchants in a bid to help the countrys struggling service sector the delivery giant shed as much as 18 shortly after 14 government agencies in china led by state planner the national development and reform commission introduced new measures to ease strains on the service sector meituan ended the session 15 lower at 188 hong kong dollars us2411 its lowest close since july 2020 shares of other chinese internet and ecommerce companies also weakened substantially following the governments new policy tencent holdings ltd meituans largest shareholder lost 19 and alibaba group holding ltd which also operates a fooddelivery business was down 28 ecommerce platform jdcom inc ended 28 lower the authorities said in a joint statement friday that they will guide onlinedelivery platforms to further reduce service rates for foodandbeverage vendors in order to help bring down operating costs officials also said they will guide online platforms to provide fee discounts for merchants in areas with higher pandemic risk which usually means tighter social restrictions that could weigh on restaurant operations the new policy comes at a time of growing concerns over chinese internet companies earnings amid weak consumption and a slowing economy nationwide outbreaks in the fourth quarter coupled with muted consumer spending are expected to pressure meituans delivery and hotel businesses orient securities said in a recent report