China fines internet giants for antitrust cases

Beijing (AP) — Companies, including Internet giants Alibaba and Tencent, were fined by antitrust authorities on Wednesday for new moves to strengthen control of their rapidly developing industry.

In 22 cases, state market regulations said companies were fined 500,000 yuan ($ 75,000) each for measures such as acquiring shares in other companies that could improperly gain market power. The bureau announced. Violators include 6 companies owned by Alibaba Group, 5 companies from Tencent Holding Ltd., retailers and Ltd. Is said to include two companies.

Chinese leaders are concerned about the dominance of the largest Internet companies expanding into finance, medical services and other delicate areas. The ruling Communist Party has stated that enforcement of antitrust, especially in technology, is a priority this year.

As the biggest fine to date, Alibaba was fined 18.3 billion yuan ($ 2.8 billion) in April for curbing competition. Other companies are fined or disciplined for violating competition, data protection, censorship, and other rules.

Didi, a ride-hailing service that debuted on the US stock market last week, was ordered by regulators to collect and review customer information on Sunday.

Posted on