China fines 12 big tech companies
 

Playing monopoly is not good socialism

China’s market watchdog has fined 12 companies related to 10 deals that violated anti-monopoly rules.

The companies included Baidu, Tencent, Didi Chuxing, SoftBank and a ByteDance-backed firm, the State Administration for Market Regulation (SAMR) said in a statement on Friday.

The companies were fined 500,000 yuan ($77,000) each for behaviour that caused market concentration but did not exclude all competition from other companies, SAMR said. With those sorts of level of fines, we bet China’s top monopoly players are quaking in their boots.

Tencent said in a statement it would actively rectify operations and provide the regulator with timely reports on deals in future.

ByteDance said a joint venture between its affiliated firm and Shanghai Dongfang Newspaper Co Ltd, which were both fined, was never in operation and the JV was disbanded in January.

https://fudzilla.com/news/52512-chin...tech-companies