The stock price of the group fell further, exceeding 15%.
At the same time, the Hang Seng Index was dragged down by more than 3%.
Awai Health's stock price plummeted to its daily limit.
In the A-share market, all delivery concept stocks related to Jidong fell, with three hitting the daily limit down.
---
The market closed at 3 PM.
The stock price of the Ugly Group fell by 17.1%, marking its second consecutive day of sharp decline.
The stock price has fallen by more than 32 percent in two days, wiping out nearly HK$80 billion in market value.
---
Half an hour after the market closed.
A foreign media outlet published a new report: "The crisis of Chinese food delivery platforms continues to escalate, with insiders saying that more executives may be involved."
The article states:
"According to sources close to regulators, the scale of this investigation may far exceed external expectations. In addition to the disappearance of senior executives, some platforms' offices have been sealed off, and servers are being inspected. It cannot be ruled out that higher-ranking personnel are involved."
End of article:
"At the same time, market rumors suggest that regulators are considering fundamental reforms to the food delivery industry, and may even rule out a complete overhaul or ban."
---
The news was quickly forwarded to China.
The comments section exploded.
"Ban food delivery services? How will tens of millions of people eat?"
"Tens of millions? You think everyone orders takeout?"
"Who was making deliveries during the pandemic? Wasn't it the delivery riders?"
"It's good that it's banned, so that there won't be any incidents every day."
"The problem lies with the platform, not the industry!"
"If the platform is gone, does the industry still exist?"
The debate is getting increasingly heated.
---
8 PM.
A new post appeared on a social media platform.
Title: I lost 150,000 today, I want to curse.
The poster claimed to have been trading stocks for five years and was now fully invested in Ugly Duckling.
"I don't mean to criticize the delivery riders; I know they have it tough too. But I just don't understand why, when those executives get into trouble, the riders' pay should be increased, but why should we small-time riders end up footing the bill?"
“Those riders called us heartless. Isn’t the money we lost money money? 150,000 yuan, I saved it up for three years.”
"I know some people will say, 'Isn't stock trading just gambling? You have to accept the consequences.' But this isn't gambling; someone's pulling strings behind the scenes! Those foreign media outlets, those so-called insiders—who's manipulating things behind the scenes?"
"I just want to ask one question: Is there any fairness left in this market?"
The post quickly garnered over a thousand replies.
Someone offered words of comfort:
"Hang in there, bro, maybe it'll rebound tomorrow."
Someone sneered:
"A rebound? The authorities aren't saying anything; the market will continue to fall tomorrow."
Some people are cursing:
"All you do when you lose money is complain. Did you ever think about the riders' lives when you bought the stocks?"
Another person posted a long reply:
"I'm a delivery rider too. I didn't do any deliveries today because my leg hurts. I fell last year and it's still not healed. You lost 150,000 yuan, which is tough for you. My leg has been hurting for 365 days. Tell me, who's suffering more?"
---
By 5 p.m., the sun in Y City was no longer so intense.
At the station entrance, seven or eight electric bikes were parked crookedly, and several people were squatting in the shade by the wall. Some were scrolling through their phones, some were smoking, and some were just sitting there in a daze.
The evening rush hour hasn't started yet, so I'll take a break whenever I can.
Xiao Mao squatted on the far side, clutching his phone, the screen displaying a screenshot of a financial news article. He stared at it for a while before looking up.
"Holy crap, it's dropped by more than 30%?"
Old Zhao was leaning against the wall, squinting, when he heard this he opened one eye: "What?"
“Ugly Group.” Xiao Mao turned his phone to show him, “It’s dropped more than 30 points in two days, and its market value has lost 80 billion.”
Old Zhao glanced at it but didn't reply.
A young rider nearby came over to watch the commotion, a cigarette dangling from his mouth: "Eight hundred billion? How much money is that?"
"I could never finish counting them in a lifetime," Old Zhao said with his eyes closed.
"So, does this mean our deal is off?"
"Huangleme hasn't gone public yet, but its stock price has plummeted." Xiao Mao continued scrolling down, "Awai Health has also dropped by almost 10%."
The young rider scratched his head, a cigarette falling from the corner of his mouth, which he hurriedly caught.
There was a few seconds of silence.
"Could something really have happened?" Xiao Mao put his phone away and looked at Lao Zhao. "Those executives...were they all really arrested?"
"Who knows?" Old Zhao said without opening his eyes. "So what if they arrested him? What does it have to do with us?"
"How can it be okay?" Xiao Mao exclaimed anxiously, "What if the platform disappears?"
Old Zhao opened his eyes, looked at him for a while, and suddenly smiled.
"You little brat, you usually curse Huang Lemo more fiercely than anyone else, but now you're getting all worked up?"
Xiao Mao choked a little, and his face turned a bit red.
"That's different..." he muttered, "You can complain all you want, but what if it's really gone?"
He stubbed out his cigarette on the ground and added:
"I don't want to go back to the factory."
No one responded.
Everyone present understood what "working in a factory" meant. It was an assembly line job, twelve hours a day, two shifts, a little over four thousand a month, and you still had to be subservient to the team leader. You even had to ask permission to go to the toilet.
Xiao Mao worked in the factory for three months before running away. When he left, he said he'd rather die outside than go back to that lousy workshop.
An older rider next to him—everyone calls him Lao Zhou—was looking at his phone when he suddenly clicked his tongue.
Have you guys seen this post?
He turned his phone around; the screen displayed a screenshot from a stock trading forum. The title was jarring: "Delivery riders' pay has improved, so we stock investors are doomed?"
The comments section below was full of insults.
"We lose money, they increase welfare; this world is truly fair."
"A food delivery worker's life is precious, but the money we invest in stocks isn't?"
"These people are insatiable. They want more pay. Go ahead and raise it. Once the platform goes bankrupt, you'll be left starving."
Old Zhou scrolled down several screens, and they were all similar.
Old Zhao took the phone, glanced at it, and then handed it back.
"These people..." Old Zhao paused, unsure how to continue.
"We only got a tiny bit of benefit, so why are so many people unhappy about it?" Xiao Mao leaned over to look, frowning.
"Tch," a young rider who hadn't spoken until now finally said, "In this world, some people are just like that; if they don't gain any advantage, they feel like they've suffered a loss."
Old Zhou shook his head: "You can't say that. It's normal for people to complain when they lose money."
“It’s not just a few complaints,” Xiao Mao sighed, “look at the insults they’re giving us—”
“It’s already pretty good.” Old Zhou interrupted him. “Going to make a scene at the platform’s entrance? Going to sit in front of the government building? What did they do? They just said a few curses online.”
Xiao Mao opened his mouth, but couldn't say anything.
There was another moment of silence.
One of the riders, who had been silently smoking, suddenly spoke up.
This man's surname is Li. He is in his early forties, doesn't talk much, but is generally reliable when he does.
“The stock price has fallen so sharply,” he flicked his cigarette ash, “Those new policies from the platform… they won’t be changed back, will they?”
After these words were spoken, everyone fell silent.
Insurance, subsidies, income protection lines—these things have only been out for a few days, and before they've even had a chance to fully appreciate them, they've heard they might be gone?
Xiao Mao's expression changed.
"It can't be that bad..." His voice sounded a little weak.
Old Zhao didn't say anything, took out his cigarette case, took out another cigarette and lit it.
The atmosphere was a bit somber.
"Brother Ming."
Xiao Mao suddenly turned his head and looked at the person next to him who hadn't said a word.
Zhang Qiliang was leaning against the wall when he heard his name called, and he looked up.
“Ming-ge, you’re so educated,” Xiao Mao said, “tell us what’s going on.”
“Where am I highly educated?” Zhang Qiliang laughed. “At least you finished vocational high school. I haven’t touched a book since I graduated from junior high school.”
"You're lying! Tell me!" Xiao Mao didn't believe a word of it.
Several people nearby also looked over.
Ma Xiaoming's identity information does indeed indicate that he only completed junior high school, but Zhang Qiliang has been running around here for more than half a month. Whether it's his behavior, his speech, or the temperament he exudes, it's impossible to lie about him at all.
“Alright,” Zhang Qiliang sat down, “stirring up internal conflicts among the people is just a common tactic of capital.”
"Is the loss claimed by the stock investors true? Of course it is; is the rider's injury true? Of course it is too; with a large number of individual cases piling up, there will always be some stock investors and riders who are not calm enough, which will lead to more intense verbal conflicts, extreme remarks, or even extreme phenomena in reality. When that happens, it will be another big news story."
"What...benefits does this bring to capital?"
"There are too many benefits: it keeps social hotspots alive, puts pressure on national regulation, and provides cover for capital activities...etc."
“These guys,” Xiao Mao said, rubbing the cigarette butt he had just thrown away a few times, “why are they so mean?”
“It’s just unethical,” Zhang Qiliang replied casually.
--------
After walking a few steps, Zhang Qiliang took out his phone, entered a few keywords, and clicked search.
A few seconds later, Zhang Qiliang's hands were shaking.
Damn it!
Direct flight from Y city to New York: 10888 yuan; connecting flight to other cities: 5888 yuan.
My heart aches so much!
--------
"Ding!"
A notification suddenly popped up at the top of the phone screen:
[Air China Dayang] Dear passengers, thank you for your continued support of Air China Dayang. To thank our valued passengers and in accordance with the phased capacity adjustments on international routes, we are now launching a limited-time special offer on the Y City to New York route, with significant discounts on ticket prices. Limited spots available, first come, first served. Please click the link for details.
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