Meituan Shares Rebound on Reports China Is Nearing End of Probe
- Company may have to pay a roughly $1 billion antitrust fine
- Meituan has lost $50 billion in value since probe was launched
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Meituan shares rallied in Hong Kong Monday following reports Chinese antitrust authorities may be wrapping up a four-month antitrust investigation into the food-delivery giant.
The stock surged nearly 8% in Hong Kong Monday, the most in almost two weeks. Chinese authorities may levy a fine of roughly $1 billion on billionaire Wang Xing’s firm for antitrust abuses and require it to revamp its operations, including putting an end to exclusivity arrangements with merchants known as “pick one from two,” Bloomberg News reported Friday.