China’s anti-monopoly watchdog fines Alibaba, Tencent
China’s market regulator has imposed a fine of 500,000 yuan ($74,700) each on Alibaba, Tencent, and SoftBank Corp for violating the anti-monopoly Law.
These companies have not declared the concentration of business operators as per legal requirements, State Administration for Market Regulation (SAMR), said in a post on its website. The concentration of business operators is a euphemism for monopoly practices through mergers and acquisitions.
While Alibaba acquired Best Inc, and Tencent purchased Okaybuy (China) Holding Inc, Ping An Healthcare And Technology Co established a joint venture with SoftBank.
“In spite of small penalty, the punishment has a more significance in sending a warning to other companies in cracking down on monopoly,” Liu Dingding, a Beijing-based internet industry veteran analyst, told the Global Times on Sunday, adding that more such reviews are expected.
Early this year, the SAMR fined Alibaba, Tencent and Chinese video sharing platform Bilibili, and some other companies for failing to properly report over a dozen deals, It fined 500,000 yuan in each case.
In June, China amended its Anti-monopoly Law to promote a unified, open, competitive and orderly market system. The amendment will take effect on August 1.
.......
-
Book Shelf
- Book Review DESTINY OF A DYSFUNCTIONAL NUCLEAR STATE
- Book ReviewChina FO Presser Where is the fountainhead of jihad?
- Book ReviewNews Pak Syndrome bedevils Indo-Bangla ties
- Book Review Understanding Vedic Equality….: Book Review
- Book Review Buddhism Made Easy: Book Review
- Book ReviewNews Elegant Summary Of Krishnamurti’s teachings
- Book Review Review: Perspectives: The Timeless Way of Wisdom
- Book ReviewNews Rituals too a world of Rhythm
- Book Review Marx After Marxism
- Book Review John Updike’s Terrorist – a review
-
Recent Top Post
- NewsTop Story What Would “Total Victory” Mean in Gaza?
- CommentariesTop Story The Occupation of Territory in War
- CommentariesTop Story Pakistan: Infighting in ruling elite intensifies following shock election result
- CommentariesTop Story Proforma Polls in Pakistan Today
- CommentariesTop Story Global South Dithering Away from BRI
- News Meherabad beckons….
- CommentariesTop Story Hong Kong court liquidates failed Chinese property giant
- CommentariesTop Story China’s stock market fall sounds alarm bells
- Commentaries Middle East: Opportunity for the US
- Commentaries India – Maldives Relations Nosedive
AdSense code