The head of Meituan has become the latest Chinese tech tycoon to mirror President Xi Jinping’s recent rhetoric on wealth redistribution, while vowing to overhaul his company’s practices amid an increasing regulatory crackdown.
Wang Xing, the founder and chief executive of the Beijing-based food delivery service, told investors on Monday that “common prosperity” was “built into the genes” of his company. Xi used the same phrase in an influential speech earlier this month, in which China’s president warned about excessively high incomes in the world’s second-largest economy.
“We will continue to actively implement compliance requirements, improve internal control mechanisms across all our businesses, conduct in-depth self reviews and actively rectify any issues to ensure full business compliance and to avoid risk,” Wang said.