China’s Tech Firms Slapped With Another Series of 500,000 Yuan Antitrust Fines
What’s new: China’s market regulator has issued another series of 500,000 yuan ($77,338) fines against some of the country’s biggest tech firms in 22 antitrust cases.
Companies including Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Suning.com Co. Ltd. were found to have broken Article 21 of China’s Antimonopoly Law, the State Administration of Market Regulation (SAMR) said in a statement on Tuesday.
The article in question requires businesses to make a declaration to the State Council, China’s cabinet, when they plan to merge with or acquire other firms in a way that could give them excessive control over the market.
The background: China’s government is waging a sprawling crackdown on monopolistic behavior in the country’s freewheeling internet industry, notably slapping Alibaba with a record fine in April for actions that include forcing vendors on its e-commerce platforms to choose between its services and those of its competitors.
Later that month, the SAMR handed down fines to dozens of companies for violating antitrust regulations by not obtaining advance clearance for past acquisitions, joint-venture deals and investments.
Contact reporter Matthew Walsh (firstname.lastname@example.org) and editor Michael Bellart (email@example.com)
Download our app to receive breaking news alerts and read the news on the go.
Get our weekly free Must-Read newsletter.
- MOST POPULAR