Tag: Meituan
Written by Linda D. MohlerFebruary 21, 2022
Meituan Loses $26B as Chinese Regulators Step In
Food & Cooking News Article
Meituan, the Chinese food delivery company, lost $26 billion in value as of Friday after regulators wanted to lower fees food platforms are charging restaurants, Financial Times says. The crackdown comes as China has had numerous government restrictions on the tech sector, mostly intended to rein in tech companies. The announcement came as agencies were
Written by Linda D. MohlerNovember 27, 2021
China’s Meituan Lowers Outlook for Its Food Delivery Business | Technology News
Food & Cooking News Article
SHANGHAI (Reuters) -China’s Meituan on Friday forecast a weaker outlook for its core food delivery business next year, after a 3.4 billion yuan ($532.24 million) fine pushed it to report its largest-ever quarterly loss in three years. Tencent-backed Meituan said last month it had been fined by China’s market regulator https://www.reuters.com/legal/litigation/chinese-delivery-giant-meituan-handed-527-mln-antitrust-fine-2021-10-08 an amount that equated
Written by Linda D. MohlerOctober 8, 2021
Chinese Delivery Giant Meituan Handed $527 Million Antitrust Fine | Investing News
Food & Cooking News Article
BEIJING (Reuters) -China’s antitrust regulator has fined food delivery giant Meituan 3.4 billion yuan ($527.4 million) for abusing its dominant market position, the watchdog said on Friday, the latest penalty in Beijing’s clampdown on online platforms. The fine equates to 3% of the company’s domestic sales in 2020, the regulator said, adding that Meituan should
Written by Linda D. MohlerSeptember 18, 2021
Chinese delivery giants Meituan, Ele.me pledge to not force drivers to register as independent businesss By Reuters
Food & Cooking News Article
© Reuters. SHANGHAI (Reuters) – China’s online food delivery giants Meituan and Ele.me both said this week they will not force couriers who do work for them to register as independent businesses, a bone of contention amid ongoing scrutiny of the food delivery sector. The promise comes as part of a broader push from regulators
Written by Linda D. MohlerMay 31, 2021
Meituan Surges 10% as CEO Addresses Regulators’ Antitrust Concerns
Food & Cooking News Article
Chinese food-delivery giant Meituan’s shares jumped more than 10% after Chief Executive Officer Wang Xing unveiled better-than-expected financial results and detailed plans to address government concerns about its business practices. Shares surged after the company’s first-quarter revenue more than doubled from the year-earlier period, and Xing said the company is working with regulators to make
Written by Linda D. MohlerApril 19, 2021
China’s Meituan seeks firepower boost with $10bn of new capital
Food & Cooking News Article
HONG KONG — Chinese food delivery company Meituan is raising $10 billion from a sale of stock and convertible bonds as it bolsters its firepower against Alibaba Group Holding in the emerging battlefield of community-group buying. Meituan, in which Tencent Holdings holds a 7.6% stake, plans to use the new funds for the development of
Written by Linda D. MohlerMarch 26, 2021
China’s Meituan reports quarterly loss as it expands into new area
Food & Cooking News Article
Bloomberg Turkey’s Central Bank Chief May Have Little Time to Repair Trust (Bloomberg) — If the experience of Sahap Kavcioglu’s most recent predecessors is any indication, Turkey’s new central-bank chief has little time left to win back the trust of foreign-exchange traders — or he may lose it forever.In the past three instances when President