Chinese tech giants did not report 43 deals, for which they were fined

The China State Market Regulatory Authority (SAMR) announced it has fined a number of local companies, including Alibaba, Baidu, JD.com and Geely, for failing to report 43 transactions since 2012 to the authorities. The agency believes that the companies thereby violated antitrust laws.

Image source: F8_f16 / pixabay.com

The earliest of these deals was a takeover of a company involving Baidu and one of its partners, and the latest was a 2021 agreement between Baidu and Zhejiang Geely Holdings to create a green vehicle company. In addition, the agency mentioned Alibaba’s 2014 takeover of Chinese digital mapping and navigation company AutoNavi, as well as the 2018 purchase of a 44% stake in Ele.me, making the trading giant the largest shareholder in the food delivery service.

At the same time, according to the regulator, these transactions did not lead to the elimination or restriction of competition. The agency also said that those involved in these transactions would be fined 500,000 yuan ($ 78,000) each, the maximum amount of a fine under China’s 2008 antitrust law. Alibaba, Baidu, JD.com and Geely have not yet commented on the incident.

Now the country is tightening control over tech giants – Beijing has abandoned the principles of non-intervention and began to pay more attention to the facts of abuse of market dominance, suppression of competition, misuse of user data and violation of consumer rights.

If you notice an error, select it with the mouse and press CTRL + ENTER.


Source: 3DNews – все новости сайта by 3dnews.ru.

*The article has been translated based on the content of 3DNews – все новости сайта by 3dnews.ru. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!

*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.

*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!