Merchants that have paid annual fees for advertisements on Koubei will get a three-month free extension. The company will also step up efforts to offer loans to the merchants who are facing a cash crunch.

It will also provide free online health consultation services for merchants across the nation, and grant pneumonia-related insurance for those firms and their employees in Wuhan. Alibaba formed its local services company in 2018 by merging food delivery platform Ele.me and lifestyle services firm Koubei.

Chinese on-demand service platform Meituan-Dianping has also launched measures to help their merchants cope with the financial complications caused by the epidemic outbreak.

It said that since Feb 1, the merchants which provide food delivery services in Wuhan will have all commission fees waived for one month. The businesses offering in-store services including dining and entertaining in Wuhan will also enjoy a one-month commission fee exemption.

It has set up a special fund of 350 million yuan to help the merchants in the country to recover their normal operations, offering online procurement services for small-and medium-sized restaurant owners who are facing a shortage of food materials.

It offered no less than 10 billion yuan in small and mirco-loans with preferential interest rates for merchants in the nation by collaborating with over 10 banks, as well as more than 800 free online training courses for merchants on epidemic control, food safety and restaurant management, the company said.

Meituan-Dianping has offered 10 million yuan in loans respectively to Yunhaiyao, the nation's leading Yunnan province ethnic cuisine chain of restaurants, and Zhoumapo, a Fuzhou, Fujian province-based catering group, in cooperation with China Everbright Bank and Jiangsu Bank.

The company is likewise providing free insurance products for the merchants in Wuhan and their employees. If they are infected with the coronavirus and unfortunately perish, they will each receive a 300,000 yuan special allowance.

Jia Guolong, chairman and founder of top restaurant chain Xibei, said more than 400 of its restaurants in over 60 cities have been closed. They have lost about 700 to 800 million yuan in the latest month.

Separately, online shared accommodation booking platform Airbnb said it will invest $10 million to support its hosts in the next few years.

Investments and action plans are being designed to help hosts who suffered financial losses due to canceled reservations and fees, create a reward program for hosts that have actively supported the community during the outbreak, as well as programs to train hosts and upgrade their listings.

"In such a challenging moment, we stand firmly with our hosts, guests, partners and employees," said Peng Tao, president of Airbnb China.

"We have mapped out key initiatives to support our community and are committed to harnessing the positive power of travel and people-to-people connections to help boost the tourism sector and overcome the negative aftermath of this health emergency."