Chinese regulator fines 12 companies for violating anti-monopoly law

BEIJING, March 12 (Xinhua) — China’s top market watchdog on Friday imposed administrative penalties on 12 companies including Internet giants Tencent and Baidu for violating anti-monopoly law in 10 deals.

The deals include Tencent’s equity acquisition of online education platform Yuanfudao and Baidu’s equity acquisition of Ainemo Inc., a company in smart home hardware terminals and services, according to an online statement released by the State Administration for Market Regulation.

The 12 companies, also including ride-hailing giant Didi and TAL Education Group, were each fined 500,000 yuan (about 77,107 U.S. dollars) as the deals violated the country’s anti-monopoly law on illegal concentration of business operators, said the statement.

Assessments concluded that the deals did not have the effect of excluding or restricting competition, the regulator said.

Related posts

China launches new free trade zones for greater opening-up, high-quality development


Travel agency business mostly resumed in virus-hit Hubei


China to issue white paper on energy