According to the State Administration for Market Regulation, the companies neglected to record 43 acquisitions. The acquisitions that occurred up to eight years ago under the laws on “operating concentration”. China fines tech titans such as Alibaba Group and Tencent Holdings on Saturday for failing to declare business acquisitions, adding to the ruling Communist Party’s anti-monopoly crackdown.
According to the State Administration for Market Regulation, the companies neglected to record 43 acquisitions. The acquisitions that occurred up to eight years ago under the laws on “operating concentration”. Moreover it stated that each infraction will result in a fine of 500,000 yuan ($80,000).
Since late 2020, the Chinese government has initiated anti-monopoly, data security, and other initiatives against technology businesses. The ruling party is concerned that the firms have too much control over their respective industries. Additionally has urged them not to use their dominance to raise prices for consumers or to prevent new competitors from entering the market.
Baidu Inc., an online retailer, and Suning Ltd., a search engine operator, are among the companies. Surely that have been penalized in the most recent round of fines and penalties. Assets in the fields of network technology, mapping, and medical technology have acquired as recently as 2013.
The companies “failed to notify the illegal implementation of operating concentration,” according to the regulator, which published a statement on their website.
China fines $2.8 billion against Alibaba, the world’s largest e-commerce company in terms of sales volume. It has imposed in April by Chinese regulators for practices they alleged hampered competition. On October 8, Meituan, a meal delivery company, has fined $534 million by the Chinese government.