China Fines Meituan US$530 Million for Antitrust Violations

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BEIJING, October 8 (TMTPOST)—The State Administration for Market Regulation of China announced that Meituan has been fined 3% of its RMB114.78 billion revenues in 2020 in China for antitrust violations. Besides the RMB3.442 billion (US$530 million) fine, the administration had also required Meituan to stop monopolistic actions immediately.Meituan adopted a series of measures to force merchants to sign an exclus