News Snapshot:
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. In response to the SAMR probe, Meituan said it will “actively cooperate with the regulators on the investigation, take steps to improve its businesses’ compliance management, safeguard the legitimate rights...
