Meituan Surges After $534 Million Fine in China Removes Overhang By Investing.com

Meituan Surges After $534 Million Fine in China Removes Overhang

Stock Markets Oct 11, 2021 05:28AM ET

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Meituan Surges After $534 Million Fine in China Removes Overhang

By Dhirendra Tripathi

Investing.com – Meituan stock (HK:3690) closed 8.4% higher in Hong Kong trading Monday after the $534 million fine the Chinese markets watchdog imposed on the company last week removed an overhang for the stock.

The fine was not as harsh as many expected it would be, in the context of what has become a loud and broad attack by the Communist government on some of the country's most valuable young companies.

China’s State Administration for Market Regulation had accused Meituan of abusing its dominant position in the country’s online food delivery market. The antitrust regulator said Meituan locked merchants into exclusive agreements and punished those who refused.

The body ordered the food delivery giant to take corrective action, while closing the probe.

SAMR’s ruling buoyed other Chinese shares as well, many of which have been under pressure because of heightened regulatory action and oversight as the government pursues a campaign of 'shared prosperity', in an attempt to reduce inequality.

Pinduoduo (NASDAQ:PDD) jumped 4.2% in premarket trading on Nasdaq. Xpeng (NYSE:XPEV) rose 2% on NYSE.

ADRs of Alibaba (NYSE:BABA) shot up 5.6%, while Didi (NYSE:DIDI) and Nio (NYSE:NIO) rose around 2% each.

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