China fines technology giants for failing to report 43 old Reuters contracts


Reuters. File photo: Alibaba Group logo flashes on August 9, 2021, at its office building in Beijing, China. REUTERS / Tingshu Wang / File photo


BEIJING (Reuters) – China’s market regulator said on Saturday it was imposing fines on companies Alibaba (NYSE :), Baidu (NASDAQ 🙂 and JD (NASDAQ: .com) have failed to declare 43 agreements with the authorities as of 2012, claiming that they have violated anti-monopoly laws.

Entrepreneurs involved in the lawsuit will be fined 500,000 yuan ($ 78,000) each, it said, the maximum under China’s 2008 anti-monopoly law.

Alibaba, Baidu, and Geely did not immediately respond to requests for comment.

China continues to tighten its grip on Internet platforms, in contrast to the one-time licensing-fire system and the risk of abuse of market power, consumer data misuse and consumer rights violations to stifle competition.

The first agreement listed was a 2012 acquisition involving Baidu and a partner, and the most recent was the 2021 agreement between Baidu and Chinese automaker Zhejiang Geely Holdings to create a new-powered vehicle company.

Other deals cited by the State Administration of Market Supervision include Alibaba’s acquisition of Chinese digital mapping and navigation firm AutoNavi in ​​2014 and the acquisition of a 44% stake in to become the largest shareholder of food delivery services.

The agreements, however, did not have the effect of eliminating or limiting competition, the regulator said.

In December last year, fined Alibaba, Tencent-backed China Literature and Shenzhen Hive Box 500,000 yuan each for correctly reporting past agreements for distrust. , For the first time ever.

($ 1 = 6.3863 renminbi)

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