Chinese Regulator Fines Several Companies for Breaking Antimonopoly Law

Chinese Regulator Fines Several Companies for Breaking Antimonopoly Law
Photo: https://www.reuters.com/world/china/china-regulator-fines-alibaba-tencent-disclosure-violations-2022-07-10/ 12.07.2022 176

The State Administration for Market Regulation (SAMR) in China imposed fines on several companies, including Tencent and Alibaba, for failing to comply with anti-monopoly rules on the disclosure of transactions, according to the regulator on Sunday.

The market body said the companies did not declare the concentration of business operators, a practice through which one company obtains control over another which may lead to monopoly, but all these cases were "past transactions". SAMR released a list of 28 deals that violated the rules.

Tencent Holdings Ltd was fined a total of 6 million yuan ($896,245) over 12 acquisitions on companies, including retailing firm Okaybuy (China) Holding Inc and DeepBlue Alpha Inc. 

Alibaba was fined 2.5 million yuan for not reporting five deals, including the acquisition of logistics firm Best Logistics and a 2021 purchase of equity in its subsidiary of the Youku Tudou streaming platform.

"With the antimonopoly supervision being normalized, the awareness of business operators has continuously improved. Companies have actively self-examined past transactions and reported them to authorities," 

the market regulator said.

Sources:  Esns.cn, Reuters
digital markets  China 

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