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Deepti Sri · · 1 min readReport: After Alibaba, Chinese regulators set their sights on 34 tech firms
“The State Administration for Market Regulation (SAMR), Cyberspace Administration of China, and State Taxation Administration summoned 34 internet companies to urge them to reference Alibaba’s case and correct their anti-competition practices,” KrAsia reported.
Details:
- Baidu, Didi Chuxing, iQiyi, Pinduoduo, ByteDance, and Meituan, were among the internet companies summoned by SAMR.
- The firms have one month to correct their malpractices, according to SAMR. The regulator has also asked for a written statement from the companies, stating that they will operate legally.
Context:
- In December, China’s antitrust agency kicked off an investigation into alleged monopolistic practices at Alibaba Group and fined the company US$2.8 billion just this month after concluding the probe.
- Companies including Tencent, Didi Chuxing, and Baidu were also fined for over 10 investment deals in the internet sector that SAMR said were in violation of the anti-monopoly law.
Editing by Collin Furtado
(And yes, we’re serious about ethics and transparency. More information here.)
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