China fines 12 big tech companies

Stefan Mileschin · 15th March 2021, 11:40

Playing monopoly is not good socialism

China’s market watchdog has fined 12 companies related to 10 deals that violated anti-monopoly rules.

The companies included Baidu, Tencent, Didi Chuxing, SoftBank and a ByteDance-backed firm, the State Administration for Market Regulation (SAMR) said in a statement on Friday.

The companies were fined 500,000 yuan ($77,000) each for behaviour that caused market concentration but did not exclude all competition from other companies, SAMR said. With those sorts of level of fines, we bet China’s top monopoly players are quaking in their boots.

Tencent said in a statement it would actively rectify operations and provide the regulator with timely reports on deals in future.

ByteDance said a joint venture between its affiliated firm and Shanghai Dongfang Newspaper Co Ltd, which were both fined, was never in operation and the JV was disbanded in January.

https://fudzilla.com/news/52512-chin...tech-companies

15th March 2021, 11:40	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 153,541	China fines 12 big tech companies Playing monopoly is not good socialism China’s market watchdog has fined 12 companies related to 10 deals that violated anti-monopoly rules. The companies included Baidu, Tencent, Didi Chuxing, SoftBank and a ByteDance-backed firm, the State Administration for Market Regulation (SAMR) said in a statement on Friday. The companies were fined 500,000 yuan ($77,000) each for behaviour that caused market concentration but did not exclude all competition from other companies, SAMR said. With those sorts of level of fines, we bet China’s top monopoly players are quaking in their boots. Tencent said in a statement it would actively rectify operations and provide the regulator with timely reports on deals in future. ByteDance said a joint venture between its affiliated firm and Shanghai Dongfang Newspaper Co Ltd, which were both fined, was never in operation and the JV was disbanded in January. https://fudzilla.com/news/52512-chin...tech-companies

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
China cracks down on big tech companies with new anti-monopoly measures	Stefan Mileschin	WebNews	0	9th February 2021 09:28
Big Tech could face big fines in the EU	Stefan Mileschin	WebNews	0	16th December 2020 05:09
China about to pull the switch on US companies	Stefan Mileschin	WebNews	0	23rd September 2020 09:05
China prepares to fluff up local tech companies	Stefan Mileschin	WebNews	0	1st June 2016 06:36
China asks US tech companies to follow its security policies	Stefan Mileschin	WebNews	0	18th September 2015 15:08
China Fines Qualcomm $975 Million for Anti-trust Violations	Stefan Mileschin	WebNews	0	10th February 2015 11:17
Apple fines companies $50 million for leaks	Stefan Mileschin	WebNews	0	14th October 2014 09:10
China to conduct security audits on US tech companies	Stefan Mileschin	WebNews	0	18th August 2013 17:29
China fines LG Display, Samsung and others over alleged price fixing	Stefan Mileschin	WebNews	0	6th January 2013 15:55
Apple Faces Fines in China, Possible iPad Ban for Trademark Infringement	Stefan Mileschin	WebNews	0	9th February 2012 09:54