DADA - Food-delivery Meituan expected to be fined about $1B by China's antitrust regulator -report

Chinese food delivery co. Meituan (OTCPK:MPNGF) is likely to be fined about a $1B by Chinese antitrust regulator on claims that it abused it dominant market position, according to an earlier WSJ report. The penalty may be announced in coming weeks and the company may be forced to revamp it operations and end some alleged exclusivity arrangements it has, according to the WSJ report. Meituan shares tumbled last week when the company and other food-delivery apps such as Missfresh (NASDAQ:MF), Dada Nexus (DAD and DingDong Maicai (NYSE:DDL) appeared to be the latest targets of Beijing's ongoing regulatory crackdown. The food-delivery companies, some of which staged U.S. IPOs just weeks ago, tumbled after seven Chinese regulatory agencies ordered the sector to undertake several reforms. Meituan (OTCPK:MPNGF) first was targeted by Chinese antitrust regulator in late April when the authority started a probe into POFT practices at the food company in response to complaints filed against

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Food-delivery Meituan expected to be fined about $1B by China's antitrust regulator -report