China’s market regulator said on Saturday it had fined companies including Alibaba, Baidu and JD.com for failing to report 43 transactions since 2012 to authorities, saying they broke the law. Antitrust.
Businesses involved in the cases will be fined CNY 500,000 (about Rs 58.15), the maximum amount under China’s 2008 Antitrust Law.
Alibaba, Baidu, JD.com, and Geely did not immediately respond to requests for comment.
China has been tightening its grip on internet platforms, reversing its once-liberal approach and citing the dangers of abusing market power to limit competition, misuse of consumer data and cybercrime. violate consumer rights.
The earliest deal listed is a 2012 acquisition involving Baidu and a partner, and the most recent is a 2021 deal between Baidu and Chinese automaker Zhejiang Geely Holdings to create a company. new energy vehicle.
Other deals cited by the State Market Supervision Bureau include Alibaba’s 2014 acquisition of a Chinese digital mapping and navigation company. AutoNavi and in 2018 they bought a 44% stake in Ele.me to become the largest shareholder of the food delivery service.
However, the agreements do not have the effect of eliminating or restricting competition, the regulator said.
In December of last year, it fined Alibaba, Tencent-backed China Literature, and Shenzhen Hive Box each 500,000 CNY for failing to accurately report past transactions for antitrust review, the first time they have done so.
© Thomson Reuters 2021
