China tech stocks surge despite $534 million antitrust fine slapped on food delivery giant Meituan
Publishing timestamp: 2021-10-11 03:19:23
Summary
China's SAMR fined Meituan $534.3 million for abusing its dominant position in the online food delivery market. Despite the fine, Meituan's shares surged over 8% as the penalty was lower than expected. Other Chinese tech stocks in Hong Kong also rose, with analysts saying the fine removed an "overhang" on Meituan and that Chinese equity markets are trading at attractive valuation levels.
Sentiment: MIXED
Tickers: 3690-HK, 9988-HK?QSEARCHTERM=ALIBABA, BABA, 700-HK,
Keywords: tencent holdings ltd, business news, alibaba group holding ltd, monopoly and antitrust, china, internet, antitrust regulation, industry regulation, meituan, technology,
Source: https://www.cnbc.com/2021/10/11/china-tech-stocks-rise-after-meituan-hit-with-antitrust-fine.html