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Nov. 20, 2021, 12:00 p.m. EST

China fines tech giants over anti-monopoly violations again

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Associated Press

Chinese tech giants including Alibaba Group /zigman2/quotes/201948298/composite BABA -0.54% and Tencent Holdings /zigman2/quotes/205527956/composite TME +2.58% /zigman2/quotes/204605823/delayed HK:700 -1.29% were fined Saturday for failing to report corporate acquisitions, adding to an anti-monopoly crackdown by the ruling Communist Party.

The companies failed to report 43 acquisitions that occurred up to eight years ago under rules on “operating concentration,” according to the State Administration for Market Regulation. Each violation carried a penalty of 500,000 yuan ($80,000), it said.

Beijing has launched anti-monopoly, data security and other crackdowns on tech companies since late 2020. The ruling party worries the companies have too much control over their industries and has warned them not to use their dominance to gouge consumers or block entry to new competitors.

Other companies fined in the latest round of penalties include online retailers JD.com Inc. /zigman2/quotes/205122565/composite JD +0.28% and Suning Ltd. /zigman2/quotes/205212980/delayed CN:002024 -1.33% and search engine operator Baidu Inc. /zigman2/quotes/209050136/composite BIDU -2.29% The acquisitions dating back to 2013 included network technology, mapping and medical technology assets.

The companies “failed to declare illegal implementation of operating concentration,” the regulator said on its website.

Alibaba, the world’s biggest e-commerce company by sales volume, was fined $2.8 billion in April for practices that regulators said suppressed competition. Meituan, /zigman2/quotes/205161725/delayed HK:3690 +0.63% a food delivery platform, was fined $534 million on Oct. 8.

/zigman2/quotes/201948298/composite
US : U.S.: NYSE
$ 110.60
-0.61 -0.54%
Volume: 12.25M
Jan. 31, 2023 3:01p
P/E Ratio
297.58
Dividend Yield
N/A
Market Cap
$294.71 billion
Rev. per Employee
$515,403
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/zigman2/quotes/205527956/composite
US : U.S.: NYSE
$ 8.54
+0.22 +2.58%
Volume: 4.90M
Jan. 31, 2023 3:01p
P/E Ratio
30.00
Dividend Yield
N/A
Market Cap
$14.39 billion
Rev. per Employee
$730,000
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 382.20
-5.00 -1.29%
Volume: 55.76M
Jan. 31, 2023 4:08p
P/E Ratio
17.49
Dividend Yield
0.42%
Market Cap
$3672.62 billion
Rev. per Employee
$5.87M
loading...
/zigman2/quotes/205122565/composite
US : U.S.: Nasdaq
$ 60.00
+0.16 +0.28%
Volume: 3.58M
Jan. 31, 2023 3:01p
P/E Ratio
422.66
Dividend Yield
0.00%
Market Cap
$94.37 billion
Rev. per Employee
$407,170
loading...
/zigman2/quotes/205212980/delayed
CN : China: Shenzhen
¥ 2.23
-0.03 -1.33%
Volume: 22.21M
Jan. 31, 2023 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥20.69 billion
Rev. per Employee
¥1.70M
loading...
/zigman2/quotes/209050136/composite
US : U.S.: Nasdaq
$ 135.31
-3.17 -2.29%
Volume: 2.18M
Jan. 31, 2023 3:00p
P/E Ratio
72.64
Dividend Yield
N/A
Market Cap
$49.14 billion
Rev. per Employee
$414,984
loading...
/zigman2/quotes/205161725/delayed
HK : Hong Kong
$ 174.60
+1.10 +0.63%
Volume: 32.52M
Jan. 31, 2023 4:08p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1080.96 billion
Rev. per Employee
$2.49M
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