China Fines Alibaba, Tencent in Latest Antitrust Investigation

(Bloomberg) — Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Baidu Inc. are among companies that have been ordered to pay a total of 21.5 million yuan ($3.4 million) in fines by China’s competition watchdog, the latest round of penalties in the nation’s ongoing crackdown on monopolies.

The companies must pay 500,000 yuan ($78,000) for each of the 43 antitrust violations, the State Administration for Market Regulation said in a statement on Saturday.