China fines 12 big tech companies

Stefan Mileschin · 15th March 2021, 10:40

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

15th March 2021, 10:40	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 148,652	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

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