China Fines Alibaba, Tencent in Latest Antitrust Investigation

Alibaba is among a group of Chinese tech companies fined by regulators. Shutterstock.

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.

President Xi Jinping declared his intention in March to go after “platform” companies that amass data to create monopolies and Beijing has been increasing antitrust oversight over China’s sprawling private sector, especially in the digital realm.

Alibaba was slapped with a $2.8 billion levy earlier this year for abusing its market dominance, while food-delivery leader Meituan was fined $533 million last month for violating anti-monopoly regulations.

Learn more:

Five Ways China’s E-Commerce Landscape Is Changing

From rethinking livestreams to doubling down on data in their supply chains, global brands need to keep up with local players to compete for a slice of China’s multi-trillion-dollar e-commerce market.

This article was originally posted on businessoffashion.com. Read here

Leave a Reply

Your email address will not be published. Required fields are marked *

Help Us Out

Share this post with your friends!