Yukon Weekly

Alibaba, Tencent and Baidu gets fined by China for violating anti-trust law

Key Takeaway:

  • China is bringing the regulatory hammer down again on a few of the country’s largest tech companies.
  • Alibaba, Baidu, Tencent, and other companies were all forced with fines over the weekend for breaking antitrust rules.
  • The penalty for every fine is 500,000 yuan.

China is bringing the regulatory hammer down again on a few of the country’s largest tech companies.
Alibaba, Baidu, Tencent, and other companies were all forced with fines over the weekend for breaking antitrust rules, the State Administration of Market Regulation said in a statement.

SAMR listed 43 different violations, with some offenses back from 2012. The penalty for every fine is 500,000 yuan.

“The cases seen this time are all transactions that could have been declared but were not declared in the past,” SAMR stated in a statement.

The market regulator has spearheaded a year-long campaign against Big Tech in China. The totals announced Saturday are small compared to some of the marquee penalties imposed earlier this year, including an 18.2 billion yuan fine that Alibaba was asked to pay. At the time, antitrust governors said they had concluded that online shopping had been behaving like a monopoly.

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Alibaba, Tencent, and Baidu’s shares were all nearly less in Hong Kong on Monday after the statement. Baidu fell to 2.1%, while Tencent slumped at 0.3%.

Alibaba fell to 1.6%. The company on Friday jumped nearly 11% in its steepest decline since listing in Hong Kong in November 2019. Last week, the tech giant warned of weaker growth this year as China’s economy slows and Beijing continues its regulatory crackdown. (Alibaba also trades in New York.)

Source-CTV News

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