Global EditionASIA 中文双语Français
Home / Business / Companies

Regulator fines 28 companies for breaking Anti-monopoly Law

By Cheng Yu | | Updated: 2022-07-11 10:39
Share - WeChat
People walk past a Tencent sign at the company headquarters in Shenzhen, Guangdong province on Aug 7, 2020. [Photo/Agencies]

The State Administration for Market Regulation imposed fines on 28 companies for not declaring the concentration of business operators as per the Anti-monopoly Law, according to the regulator on Sunday.

The market body said the companies did not declare the concentration of business operators, a practice through which one company obtains control over another which may lead to monopoly, but all these cases were "past transactions".

Tencent Holdings Ltd was fined a total of 6 million yuan ($896,245) over 12 acquisitions on companies, including retailing firm Okaybuy (China) Holding Inc and DeepBlue Alpha Inc. Alibaba's subsidiaries were fined 2.5 million yuan for not reporting five deals, including the acquisition of logistics firm Best Logistics.

"With the anti-monopoly supervision being normalized, the awareness of business operators has continuously improved. Companies have actively self-examined past transactions and reported them to authorities," the market regulator said.

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349