China Launches Antitrust Investigation into Major Food Delivery Company 'Meituan'
[Asia Economy Reporter Yoo Je-hoon] Meituan, a major food delivery service company in China, is set to undergo an antitrust investigation by Chinese authorities.
On the 26th, the State Administration for Market Regulation of China issued a statement on its website, announcing, "Based on recent reports, Meituan has been filed for investigation on suspicion of antitrust practices, including forcing exclusivity."
The exclusivity mentioned by the State Administration for Market Regulation refers to internet businesses abusing their dominant market position to prevent partner merchants from using competing platforms.
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Meituan is the largest food delivery service company in China, with a market capitalization of HKD 1.796 trillion (approximately KRW 257 trillion) as of the closing price on the day. Regarding this investigation, Meituan stated, "We will actively cooperate with the supervisory authorities' investigation" and "We will enhance compliance with regulations to promote the healthy and long-term development of the industry."
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