Meituan, a food delivery platform, was fined 534 million on Oct. The companies failed to declare illegal implementation of operating concentration, the regulator said on its website.Īlibaba, the world's biggest e-commerce company by sales volume, was fined 2.8 billion in April for practices that regulators said suppressed competition. The acquisitions dating back to 2013 included network technology, mapping and medical technology assets. The new laws would impact five major internet companies including Alibaba, Tencent, Pinduoduo, JD.com, and Meituan. Chinese tech giants including Alibaba Group and Tencent Holdings have been fined for failing to report corporate acquisitions, adding to an anti-monopoly crackdown by the ruling Communist Party. Other companies fined in the latest round of penalties include online retailers JD.com Inc. Morgan Stanley says China’s draft anti-monopoly rules will likely hit the country’s major internet companies, which were already fighting off rivals that were taking away chunks of their market share. China’s market regulator, the State Administration of Market Supervision, announced it was fining some of the country’s largest tech companiesincluding Alibaba, Baidu and JD.comfor not disclosing 43 different deals since 2012, saying that they violated anti-monopoly legislation, reports Reuters. Beijing has launched anti-monopoly, data security and other crackdowns on tech companies since late 2020. The ruling party worries the companies have too much control over their industries and has warned them not to use their dominance to gouge consumers or block entry to new competitors. The new Anti-Monopoly Law prohibits many practices that have previously been common in China, and business operators found to be in violation of the law.
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In the past, Chinas anti-monopoly regulation enforcement efforts.
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Each violation carried a penalty of 500,000 yuan ( 80,000), it said.īeijing has launched anti-monopoly, data security and other crackdowns on tech companies since late 2020. Lightspeed China is the China investment partner of Lightspeed Venture Partners, which manages 10 billion in assets globally. The companies failed to report 43 acquisitions that occurred up to eight years ago under rules on operating concentration, according to the State Administration for Market Regulation.