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China Anti-Monopoly Law Spurs Fines Against Alibaba, JD.com, Others

November 22, 2021
Source: pymnts.com pymnts.com
News Snapshot:
Several Chinese companies, including Alibaba, Baidu and JD.com will have $78,000 in fines levied against them stemming from 43 acquisitions that were said to breach the country’s anti-monopoly regulations, according to a Reuters report. The transactions, which were all said to be unreported, date as far back as 2012, according to the report. Tencent and Baidu earlier this year were each fined 500,000 yuan (about $78,000) for previous acquisitions and investments. Read more: Big Tech Faces Global Regulatory Blowback Last year, Ant Group postponed its initial public offering (IPO), ultimately slashing the company’s valuation in half, after Chinese regulators —...
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Tags: Alibaba | Ant Group | anti-monopoly | Baidu | CEO | China | Chinese | currency | e-commerce | Giant | initial public offering | investor | ipo | IT | JD | JD.com | online payment | online shopping | Renminbi | revenue | search engine | stock market | technology | Tencent | Yuan

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