China set to impose $1-billion fine on Meituan over antitrust issues

China plans to levy a roughly $1-billion fine on Meituan for abusing its market position as antitrust regulators wrap up a four-month-old investigation into the food delivery giant, according to a person with knowledge of the matter.

The State Administration for Market Regulation could announce the penalty in coming weeks and the figure could still change ahead of the final decision, the person said, asking not to be identified discussing private deliberations. The company will be required to revamp its operations and end its exclusivity arrangements with merchants known as “pick one from two,” the person added. The Wall Street Journal earlier reported the potential fine.