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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 -4.84% and Tencent Holdings /zigman2/quotes/205527956/composite TME -3.47% /zigman2/quotes/204605823/delayed HK:700 -2.24% 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 -1.44% and Suning Ltd. /zigman2/quotes/205212980/delayed CN:002024 -1.52% and search engine operator Baidu Inc. /zigman2/quotes/209050136/composite BIDU -1.77% 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 -6.93% a food delivery platform, was fined $534 million on Oct. 8.

/zigman2/quotes/201948298/composite
US : U.S.: NYSE
$ 113.37
-5.77 -4.84%
Volume: 27.51M
Jan. 26, 2022 4:00p
P/E Ratio
16.46
Dividend Yield
N/A
Market Cap
$322.15 billion
Rev. per Employee
$497,763
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/zigman2/quotes/205527956/composite
US : U.S.: NYSE
$ 5.84
-0.21 -3.47%
Volume: 14.50M
Jan. 26, 2022 4:00p
P/E Ratio
17.39
Dividend Yield
N/A
Market Cap
$10.12 billion
Rev. per Employee
$1.03M
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 463.00
-10.60 -2.24%
Volume: 20.51M
Jan. 27, 2022 4:08p
P/E Ratio
19.95
Dividend Yield
0.35%
Market Cap
$4432.77 billion
Rev. per Employee
$12.77M
loading...
/zigman2/quotes/205122565/composite
US : U.S.: Nasdaq
$ 71.11
-1.04 -1.44%
Volume: 9.55M
Jan. 26, 2022 4:00p
P/E Ratio
29.18
Dividend Yield
N/A
Market Cap
$110.57 billion
Rev. per Employee
$439,248
loading...
/zigman2/quotes/205212980/delayed
CN : China: Shenzhen
¥ 3.90
-0.06 -1.52%
Volume: 19.81M
Jan. 27, 2022 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥35.79 billion
Rev. per Employee
¥4.08M
loading...
/zigman2/quotes/209050136/composite
US : U.S.: Nasdaq
$ 148.30
-2.67 -1.77%
Volume: 2.84M
Jan. 26, 2022 4:00p
P/E Ratio
24.48
Dividend Yield
N/A
Market Cap
$53.17 billion
Rev. per Employee
$456,055
loading...
/zigman2/quotes/205161725/delayed
HK : Hong Kong
$ 209.40
-15.60 -6.93%
Volume: 34.18M
Jan. 27, 2022 4:08p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1385.50 billion
Rev. per Employee
$2.89M
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