Chinese food tech giant Meituan saw its shares soar 8% today despite the Chinese behemoth getting slapped with a whopping $500m antitrust fine.
It comes after China’s State Administration for Market Regulation (SAMR) on Friday said Meituan abused its dominant position in the country’s online food delivery market.
The regulator added that Meituan pushed merchants to sign exclusive cooperation agreements with them and carried out punitive measures for those that didn’t.
Shares rallied after the E-com giant received a smaller than expected fine from the Chinese government for just that and in a classic case of no news is good news. This also sent the Hang Seng sharply higher, led by Mainland tech giants.
That seems to have lifted sentiment on Mainland markets as well despite the flooding in Shanxi darkening the energy outlook. The Shanghai Composite is 0.20% higher although the narrower Shanghai 50 is up by 1.03%. The CSI 300 has climbed by 0.55% while the Hang Seng has leapt 1.80% higher.