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Miguel Cordon · · 1 min readChinese classifieds startup CEO calls for antitrust fine on competitor Beike
“Shortly after the State Administration of Market Supervision imposed an administrative penalty of 18.2 billion yuan (US$2.78 billion) on Alibaba for monopolistic behavior, 58.com CEO Yao Jinbo on April 10 posted in his WeChat Moments to call for a national antitrust fine of 4 billion yuan (US$610.7 million) to be imposed on its own competitor Beike, China’s leading online real estate platform,” Pandaily reported.
Details:
- In response, Beike told local outlet The Paper that since its inception, the company “has adhered to lawful management, improved compliance, and used technology to drive the healthy development of the industry.”
- Jinbo added that Anjuke, 58.com’s real estate information subsidiary, will venture into new house transactions this year.
Context:
- Anjuke provides online marketing for new and second-hand houses, as well as other platforms for renting and business real estate.
- Earlier this month, the 58.com unit submitted a listing application to the Hong Kong Stock Exchange.
Currency converted from yuan to US dollar: US$1 = 6.55 yuan.
Editing by Collin Furtado
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