Meituan Makes Gains in Luxury Hotels as Chinese Government Reshapes Online Sector
Skift Take
The Chinese government, for better or worse, is exacting a toll on online platforms in its anti-monopoly drive. Meituan's penalty amounted to 3 percent of revenue, and it is being forced to implement additional reforms.
Meituan, one of the leading hotel-booking platforms in China, grew its accommodations business in the third quarter and made inroads with 5-star hotels even as Chinese government regulatory policy is reshaping major corporations.
The third quarter ended September ended September 30, but Meituan reported that in early October the Chinese government levied an approximately $532 million penalty against the company for violations of anti-monopoly rules. That hit accounted for around 3 percent of the company's revenue.
Meituan, which vies with Trip.com Group for leadership of the country's hotel booking industry, pledged to abide by the r
