Wed. Dec 7th, 2022
Meituan received a $530 million antitrust fine.

Beijing fined the firm $530 million.

Following a months-long investigation, China fined Meituan $530 million for violating Chinese competition regulations.

According to a statement made on Friday, the State Market Regulation Administration penalized Meituan 3.44 billion yuan, or 3% of its domestic turnover, for 2020.

Alibaba was fined $2.8 billion for identical offenses.

According to Meituan, the charge and punishment were less severe than expected, and the company “honestly accepted the judgement” and “would firmly comply with regulatory orders.”

In April, Meituan was probed for antitrust infractions, just weeks after Alibaba Group Holding Ltd. was fined a record $2.8 billion for market dominance abuse.

The investigation revealed that Beijing is expanding its crackdown beyond internet billionaire Jack Ma’s empire, with the goal of limiting the tech giants’ growing influence over all aspects of Chinese life, as well as the massive amounts of data they have amassed by providing services like online shopping.

By admin

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