Meituan’s CEO Unveils Changes to Tackle China Antitrust Concerns
- Wang Xing’s firm is being probed by China’s antitrust watchdog
- Food delivery giant’s shares have slumped 41% since February
Food delivery couriers for Meituan during a morning briefing on a street in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Chinese food-delivery giant Meituan is working to address regulators’ concerns about its business, changing practices that sparked an antitrust probe while promising better treatment for its millions of drivers and restaurants.
The Beijing-based company has set up a dedicated team to work with officials conducting the investigation and vowed strict compliance with new guidelines. It’s also providing insurance for its delivery force -- a victory for an army of mostly part-time personnel -- and cutting fees for partner restaurants. Chief Executive Officer Wang Xing said he anticipates “no significant impact” from the government scrutiny.