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.

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor


Source link