The Digital Source For China's Tech Innovation Since 2000

China Tech Buzz

Global News Impacting Chinese Tech

China fines companies like Alibaba, Baidu and Tencent for failing to declare 43 deals amid the Asian giant’s antitrust fight

News Snapshot:

Published: 20 nov 2021 08:54 GMT The state market regulator fined each of the companies involved the equivalent of $ 78,000, the maximum under China’s Antitrust Law. China’s State Administration of Market Regulation on Saturday fined several relevant companies, including tech giants Alibaba, Baidu, Tencent and e-commerce platform JD.com and Suning, for violating national antitrust laws. The Chinese market regulator determined that the companies failed to declare 43 M&A agreements dating back to 2012. Also, the companies that committed the crime will be fined 500,000 yuan (about $ 78,000) each, the maximum under China’s 2008 Antitrust Law, Reuters reports. “With…

Other China Tech Buzz: