(Bloomberg) China State Administration for Market Regulation has fined Meituan 3.44 billion yuan or $533 million over anti-monopoly violations after a two-month probe.
Meituan has been ordered to return a 1.29-billion-yuan deposit in an exclusivity arrangement, ramp up its commission strategy, and ensure legal rights for partners and delivery riders.
The company has accepted the fine and committed to following the regulators’ orders on fair competition rules.
Meituan has received criticism over forced exclusive arrangement allegations. Its stocks have dipped an estimated 40% from their high in February.
The Chinese internet platform has been ordered to pay compensation after being found guilty of unfair competition in two legal cases this year. The company has also been criticized in instances where delivery riders were involved in road accidents while trying to beat strict delivery times.
3690: HKG is up +2.07%.
