China fines internet giants Alibaba, Tencent in anti-monopoly cases
Companies including internet giants Alibaba and Tencent were fined Wednesday by anti-monopoly regulators as part of a new move to tighten control over their rapidly developing industries.
In 22 cases, companies were fined 500,000 yuan (US $ 75,000) each for actions that included acquiring stakes in other companies that could unduly increase their market power, the company said. State Administration for Market Regulation. He said the violators included six companies belonging to the Alibaba Group, five by Tencent Holding Ltd. and two by retailer Suning.com, Ltd.
Chinese executives are worried about the dominance of its largest internet companies, which expand into finance, health services and other sensitive areas. The ruling Communist Party says enforcement of the anti-monopoly law, especially in technology, is a priority this year.
In the biggest sanction to date, Alibaba was fined 18.3 billion yuan ($ 2.8 billion) in April for stifling competition. Other companies have been fined or reprimanded for violating competition, data protection, censorship and other rules.
On Sunday, ride-sharing service Didi Global Inc., which debuted on the U.S. stock market last week, was ordered by regulators to overhaul its collection and processing of customer information.