May 27, 2022

Big Tech tagged for Shanghai lockdown food price gouging


Chinese regulators are taking critical aim at top Chinese internet platforms for failing to curb food price speculation amid Shanghai’s Covid-19 lockdown, which has been plaqued by scenes of chaos caused by shortages and other distribution problems.

Alibaba and Meituan’s Hong Kong-listed shares both declined for a second straight day on Wednesday after Shanghai Municipal Administration for Market Regulation (Shanghai AMR) urged a dozen internet companies to regulate their businesses and forbid food sellers and deliverers from irregularly raising prices or adding charges during the lockdown.

Shanghai AMR also unveiled a list of supermarkets that had “illegally” raised food prices while Shanghai police arrested several individuals for food speculation through hoarding.