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

November 22, 2021
Source: newsy-today.com newsy-today.com
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...
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Tags: Alibaba | Antitrust | Baidu | Business | China | Chinese | crime | currency | development | e-commerce | fine | illegal | Internet | Jack Ma | JD | JD.com | law | merger | online shopping | Renminbi | search engine | Suning | technology | Tencent | Yuan

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