Meituan Founder Donates $2.3 Billion Stake as Probe Persists
- Wang Xing transferred 57.3 million shares to his foundation
- China’s food delivery leader is grappling with antitrust probe
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Meituan founder Wang Xing has donated a $2.3 billion stake in the Chinese food delivery giant to his own philanthropic foundation, joining other internet billionaires in giving back as Beijing mounts a crackdown on the tech sector.
Meituan’s chairman and chief executive officer transferred 57.3 million shares to the organization, the company said in a filing late Thursday. That’s about a 10th of the billionaire’s stake in the company, worth HK$17.6 billion ($2.27 billion) based on its last close. The stock slid more than 3% in early Friday trade.