China's antitrust regulator to fine Meituan about $1 billion -WSJ

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China's antitrust regulator is preparing to impose a fine of about US$1 billion on Meituan for allegedly abusing its dominant market position, the WSJ said.

FILE PHOTO: The World Artificial Intelligence Conference in Shanghai

The penalty could be announced in the coming weeks, the newspaper said https://on.wsj.com/3ChY7pX, adding that the food delivery giant would be required to revamp its operations.China in recent months has rolled out sweeping rules to crack down on the tech and private tutoring sectors. The SAMR in April imposed a record $2.75 billion fine on e-commerce giant Alibaba over the same practice.

 

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