Full width home advertisement

Welcome Home


Post Page Advertisement [Top]

China fines Alibaba, Tencent and Baidu for more antitrust violations



China is once again shutting the door on some of the country's largest technology companies, according to reports.


An official statement from the State Administration of Market Regulation said that companies such as Alibaba, Tencent, Baidu, and other tech giants had been fined over the weekend for violating antitrust regulations (SAMR).


In total, SAMR identified 43 separate violations, some of which were committed as far back as 2012. Each fine carries a monetary value of 500,000 yuan ($78,000).


It was stated in a statement by SAMR that "the cases announced this time are all instances of transactions that should have been declared but were not."


In China, the market regulator has been at the forefront of a year-long campaign against Big Technology. Comparing the figures announced on Saturday to some of the more high-profile penalties levied earlier this year, such as Alibaba's (BABA) 18.2 billion yuan ($2.8 billion) record fine, the figures announced on Saturday are insignificant. Antitrust regulators announced at the time that they had reached the conclusion that the online shopping behemoth was acting monopolistically.


Following the announcement, Alibaba (BABA), Tencent (TCEHY), and Baidu (BIDU) all saw a slight decline in their respective stock prices in Hong Kong. Baidu lost the most ground, falling by 2.1 percent, while Tencent lost 0.3 percent, according to the Bloomberg data.


Alibaba's stock price dropped by 1.6 percent. The company's share price fell nearly 11 percent on Friday, marking its steepest drop since its Hong Kong IPO in November 2019. Earlier this week, the technology behemoth warned that growth would be slower this year as China's economy slows and the government continues to tighten regulations. (Alibaba also has a presence in the city of New York.)

No comments:

Post a Comment

Bottom Ad [Post Page]