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<Editor's Pick> China opens second round of Internet anti-monopoly actions, targeting Meituan
On April 26, the website of China's General Administration of Market Supervision (GAMS) released the news that recently, based on the report, the SAMS opened an investigation into the suspected monopolistic behavior of Meituan, such as the implementation of "choose one of two".
Meituan then responded: Today, Meituan received a notice from the General Administration of Market Supervision to open an investigation into Meituan's suspected monopolistic behavior in accordance with the law. The company will actively cooperate with the regulatory investigation, further improve the level of business compliance management, protect the legitimate rights and interests of users and all parties, promote the long-term healthy development of the industry, and effectively fulfill its social responsibility. At present, the company's businesses are operating normally.
On April 10, the hammer of anti-monopoly regulation just hit Alibaba, which was fined 18.228 billion yuan, one of the toughest penalties imposed on Internet platform companies by China's anti-monopoly department, and the amount of the fine was also a record high. After half a month, Meituan was opened an antitrust investigation.
Meituan's share price plunged in response. As of today's close, it was trading at HK$305 per share, with a market value of nearly HK$1.8 trillion. Compared with the yearly high of HK$460 in February, Meituan shares are now down 33%, and its market value has evaporated by more than HK$900 billion.