China’s State Administration for Market Regulation on October 8 reached a decision to penalize domestic food delivery giant Meituan. In accordance with the country’s Anti-Monopoly Law, the firm has been ordered to stop its illegal activities and give back the “exclusive cooperation deposit” from all merchants, worth 1.289 billion yuan ($199.9 million) in full. The regulatory authorities also imposed a fine worth 3% of Meituan’s domestic sales – which totaled 114.748 billion yuan in 2020 – accounting for 3.442 billion yuan ($533.8 million). Authorities then called for the platform to strengthen internal rectification.
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Meituan Receives $533.8 Million Fine for…
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China’s State Administration for Market Regulation on October 8 reached a decision to penalize domestic food delivery giant Meituan. In accordance with the country’s Anti-Monopoly Law, the firm has been ordered to stop its illegal activities and give back the “exclusive cooperation deposit” from all merchants, worth 1.289 billion yuan ($199.9 million) in full. The regulatory authorities also imposed a fine worth 3% of Meituan’s domestic sales – which totaled 114.748 billion yuan in 2020 – accounting for 3.442 billion yuan ($533.8 million). Authorities then called for the platform to strengthen internal rectification.