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Chinese delivery giant Meituan fined $533 million in China’s tech crackdown. “We accept the penalty with sincerity,” Meituan says

As you may recall back in May, Chinese food delivery giant Meituan lost $38.96 billion of its value after the Chinese government’s antitrust crackdown wiped off over $250 billion from Chinese tech stocks. It all started on April 26 when China’s top market regulator State Administration for Market Regulations (SAMR) opened an investigation into “suspected monopolistic practices” of Meituan which wiped off billions of dollars in the company’s market value.…

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