- Advertisement -spot_img
Monday, November 29, 2021

China fined tech giants for failing to report 43 previous deals

Chinese tech giants including Alibaba, Tencent and Baidu were fined Saturday for failing to report 43 previous acquisitions in the ruling Communist Party’s latest round of antitrust crackdowns.

The companies did not disclose any deals that took place back in 2012, according to announcement from the State Administration for Market Surveillance with reference to antitrust laws. Each violation carries a $ 78,000 fine.

In February of this year, the market regulator issued antitrust regulations aimed at Internet platforms. Alibaba was amazed $ 2.8 billion fine for anti-competitive tactics in April, while food delivery leader Meituan was fined $ 533 million last month for violating antitrust laws.

The regime has increased its oversight of tech giants through its antitrust or data security regulations and cracked down on educational companies, tightening its control over the economy and society.

The earliest penalty deal announced on Saturday was a 2012 deal between Baidu and a partner. The most recent was a 2021 joint venture agreement between Baidu and Chinese automaker Zhejiang Geely to create a new electric vehicle (EV) company.

The announcement also mentions Alibaba’s 2014 acquisition of Chinese digital maps and navigation startup AutoNavi and the 2018 purchase of a 44 percent stake in food delivery service Ele.me, making it the largest shareholder.

Last December, China punished Alibaba, backed by Tencent China Literature and the Shenzhen Hive Box, $ 78,281 for not reporting previous deals for antitrust scrutiny. This is the first time this is done.

Alibaba, the Chinese e-commerce hub, has been hit by China’s crackdown on the domestic tech industry, resulting in a range of new regulations ranging from anti-competitive protection to data protection.

Last October, the regime stopped initial public offering Ant Group, a subsidiary of Alibaba, citing antitrust concerns just days ahead of its planned $ 34.5 billion listings in Hong Kong and Shanghai.

The repression triggered a sell-off that, at the very least, erased over $ 1 trillion from Chinese stocks, which have experienced sharp fluctuations with each new regulator, rule and warning.

In August, the Communist Party published five year plan change China’s tech industry, confirming that dramatic changes will continue over the next few years.

World Nation News Deskhttps://www.worldnationnews.com
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
Latest news
Related news
- Advertisement -

Leave a Reply