Beijing: Chinese technology giants including the Alibaba group and Tencent Holdings was fined on Saturday for failing to report the company’s acquisition, adding anti-monopoly hard action by the ruling communist party.
The company failed to report 43 acquisitions that occurred up to eight years ago under the rules about “operating concentration,” according to state administration for market regulations.
Every violation brought a 500,000 yuan penalty ($ 80,000), he said.
Beijing has launched anti-monopoly, data security, and other crackdown in technology companies since late 2020.
The ruling party is worrying the company has too much control over their industry and has warned them not to use their dominance to new consumers or enter new competitors.
Other companies fined in the latest secondary penalties including online retailers JD.com Inc.
and Suning Ltd and Baidu Inc.
search engine operator.
Acquisitions from 2013 include network technology assets, medical mapping and technology.
The company “failed to declare illegal implementation of operating concentration,” said the regulator on its website.
Alibaba, the largest e-commerce company in the world with sales volume, was fined $ 2.8 billion in April for practices that according to regulators were depressed.
Meituan, a food delivery platform, was fined $ 534 million on October 8.
China Fines Tech Giants for anti-monopoly violations
