Alibaba, Tencent, Baidu Pay $3.4m fines in latest antitrust round

  • 11/21/2021
  • 00:00
  • 3
  • 0
  • 0
news-picture

RIYADH: Alibaba Group Holdings, Tencent Holdings and Baidu were among the companies ordered by China"s competition watchdog to pay fines of 21.5m yuan ($3.4m) in the latest round of sanctions in the country"s ongoing crackdown on monopolies, Bloomberg reported. The companies must pay 500k yuan ($78k) for each of the 43 antitrust violations, the State Administration for Market Regulation said in a statement on Saturday. Alibaba levied $2.8 billion in taxes earlier this year for abusing its market dominance, while food delivery company Meituan was fined $533 million last month for violating antitrust regulations. Beijing has increased antitrust supervision of China"s sprawling private sector, particularly in the digital realm.

مشاركة :