Chinese tech firm Meituan to face $1B fine in antitrust probe Turkey By Kemal Pasha On Aug 8, 2021 The Chinese company Meituan, which operates as a web-based shopping platform for locally found consumer products and retail services, is to face a $1 billion fine by the country’s antitrust regulators over its alleged abuse of dominant market position, the Wall Street Journal reported on Friday, citing people with knowledge on the issue. The penalty could be announced in the coming weeks, the newspaper said, adding that the food delivery giant would be required to revamp its operations. Meituan did not immediately respond to a request for comment. China in recent months has rolled out sweeping rules to crack down on the tech and private tutoring sectors. Loading… instant= new adsenseLoader( '#quads-ad3-place', { onLoad: function( ad ){ if (ad.classList.contains("quads-ll")) { ad.classList.remove("quads-ll"); } } }); The State Administration of Market Regulation (SAMR) launched an antitrust probe into Meituan in April, focusing on a practice whereby a company forces vendors to use its platform exclusively. The SAMR in April imposed a record $2.75 billion fine on e-commerce giant Alibaba (9988.HK) over the same practice. Loading… instant= new adsenseLoader( '#quads-ad2-place', { onLoad: function( ad ){ if (ad.classList.contains("quads-ll")) { ad.classList.remove("quads-ll"); } } }); Meituan, which competes with Alibaba-backed Ele.me among others, held an estimated 68.2% share of China’s food delivery market in the second quarter of 2020, according to Trustdata. Its businesses also include bike sharing, community group buying and restaurant reviews. In March, Meituan was among five backers or owners of community group-buying platforms fined by SAMR over “improper pricing behavior” related to subsidies. Loading… instant= new adsenseLoader( '#quads-ad3-place', { onLoad: function( ad ){ if (ad.classList.contains("quads-ll")) { ad.classList.remove("quads-ll"); } } }); Read original article here Denial of responsibility! Toysmatrix is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – . The content will be deleted within 24 hours. Loading… instant= new adsenseLoader( '#quads-ad3-place', { onLoad: function( ad ){ if (ad.classList.contains("quads-ll")) { ad.classList.remove("quads-ll"); } } }); Loading… instant= new adsenseLoader( '#quads-ad4-place', { onLoad: function( ad ){ if (ad.classList.contains("quads-ll")) { ad.classList.remove("quads-ll"); } } }); var betterads_screen_width = document.body.clientWidth;betterads_el = document.getElementById('ycsng-250733-511307169'); if (betterads_el.getBoundingClientRect().width) { betterads_el_width_raw = betterads_el_width = betterads_el.getBoundingClientRect().width; } else { betterads_el_width_raw = betterads_el_width = betterads_el.offsetWidth; } var size = ["125", "125"]; if ( betterads_el_width >= 728 ) betterads_el_width = ["728", "90"]; else if ( betterads_el_width >= 468 ) betterads_el_width = ["468", "60"]; else if ( betterads_el_width >= 336 ) betterads_el_width = ["336", "280"]; else if ( betterads_el_width >= 300 ) betterads_el_width = ["300", "250"]; else if ( betterads_el_width >= 250 ) betterads_el_width = ["250", "250"]; else if ( betterads_el_width >= 200 ) betterads_el_width = ["200", "200"]; else if ( betterads_el_width >= 180 ) betterads_el_width = ["180", "150"]; if ( betterads_screen_width >= 1140 ) { document.getElementById('ycsng-250733-511307169-place').innerHTML = ' '; (adsbygoogle = window.adsbygoogle || []).push({});}else if ( betterads_screen_width >= 1019 && betterads_screen_width = 768 && betterads_screen_width < 1019 ) { document.getElementById('ycsng-250733-511307169-place').innerHTML = ''; (adsbygoogle = window.adsbygoogle || []).push({});}else if ( betterads_screen_width < 768 ) { document.getElementById('ycsng-250733-511307169-place').innerHTML = ''; (adsbygoogle = window.adsbygoogle || []).push({});}