May 27, 2022

Big Tech tagged for Shanghai lockdown food price gouging

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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.



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