The booth of Meituan during an expo in Beijing. [Provided to China Daily]
Chinese food delivery giant Meituan said in its earnings report on Monday the company is likely to face heavy fines or a change of its business practices, after the country's top market regulator launched an investigation into the company over alleged monopolistic behavior in April.
According to the announcement, the company is actively cooperating with the State Administration for Market Regulation on the "ongoing" investigation. The company cannot predict the situation or results at this stage, it said.
The Beijing-based company reported on Monday its total revenue rose 77 percent year-on-year to 43.76 billion yuan ($6.77 billion) in the second quarter of this year, but net profit loss has expanded to 3.36 billion yuan during the period.
