- Briefing Your roundup of Asian tech and startup news that matter
Deepti Sri · · 1 min readChinese regulator fines Tencent, Baidu, others for antitrust violations
“China’s top antitrust regulator said it has issued fines to companies including social media giant Tencent, ride-hailing platform Didi Chuxing, and search engine Baidu over 10 investment deals in the internet sector that were in violation of the anti-monopoly law,” TechNode reported.
Detail:
- A total of 12 companies that include Alibaba, ByteDance, JD.com, and Meituan were each fined 500,000 yuan (US$77,000) for deals that breached China’s anti-monopoly law.
- Some of the deals that the State Administration for Market Regulation pulled up included Tencent’s 2018 investment in edtech firm Yuanfudao and Baidu’s 2014 acquisition of smart home equipment maker Ainemo, among others.
Context:
- China’s anti-monopoly law requires firms to report deals that could create a “market-dominant player” or that could have a company holding a more than 50% share of its relevant market.
- In December, China’s antitrust watchdog fined Tencent’s ebook spinoff China Literature and Alibaba for failing to declare past acquisitions.
Editing by Collin Furtado and September Grace Mahino
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
