China Fines Tech Giants Including Alibaba For Violating Anti-Monopoly Law
NDTV
Enterprises involved in the cases like Alibaba, Baidu and JD.com would be fined 500,000 yuan ($78,000) each, the maximum under China's 2008 Anti-Monopoly Law.
China's market regulator on Saturday said it was fining companies including Alibaba, Baidu and JD.com for failing to declare 43 deals that date as far back as 2012 to authorities, saying that they violated anti-monopoly legislation.
Enterprises involved in the cases would be fined 500,000 yuan ($78,000) each, it said, the maximum under China's 2008 Anti-Monopoly Law.
Alibaba, Baidu, JD.com and Geely did not immediately respond to requests for comment.
China has been tightening its grip on internet platforms, reversing a once laissez-faire approach and citing the risk of abusing market power to stifle competition, misuse of consumers' data and violation of consumer rights.
