MEITUAN shares rallied in Hong Kong yesterday following reports Chinese antitrust authorities may be wrapping up a four-month antitrust investigation into the food-delivery giant. The stock rose 3.09 percent. Regulators may levy a fine of roughly US$1 billion on the firm for antitrust abuses and require it to revamp its operations, including putting an end to exclusivity arrangements with merchants known as “pick one from two,” Bloomberg reported Friday. Since the anti-monopoly probe was announced in April, Meituan has lost more than US$50 billion from its market valuation. The fine is roughly in line with market expectations, with Nomura previously estimating a penalty of about US$711 million. Still, while the figure is just a fraction of Meituan’s revenue, projected to surpass US$6 billion in the June quarter, it could more than double the firm’s projected US$790 million quarterly loss. In July, authorities ordered online food companies to ensure workers earn at least the local minimum wage, a move seemingly aimed at Meituan, the nation’s largest such platform. China’s delivery platform companies recently joined a meeting with government regulators on improving safety and labor rights for delivery workers, Reuters reported Saturday. Food delivery platforms have attracted severe criticism on social media for their treatment of delivery workers, most of whom are not covered by basic social and medical insurance. (SD-Agencies) | 