Analysts said the antitrust fine has removed an 'overhang' over food delivery giant Meituan and the company's shares rallied more than 7% in Hong Kong trade.
China's market regulator, the State Administration for Market Regulation, handed Meituan a 3.44 billion yuan fine, saying the food delivery giant abused its dominant position.shares surged over 7% on Monday, leading China technology stocks higher, after the food delivery giant was slapped with a fine as a result of an antitrust probe.
in the country's online food delivery market. The market regulator said Meituan pushed merchants to sign exclusive cooperation agreements with them and carried out punitive measures for those that didn't. The SAMR slapped a 3.44 billion yuan fine on Meituan and ordered it to carry out rectification measures, concluding a months-long probe."We believe the SAMR decision addresses market concerns and Meituan has been communicating with authorities and upgrading its business operations," Jefferies said.The fine equated to 3% of Meituan's 2020 revenue.
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