China Fines Alibaba for Antitrust Violations

by time news

China’s General Directorate of Market Control and Regulation will fine 500,000 yuan ($ 78,000) Alibaba, Baidu and JD.com, Reuters reported.

These companies did not disclose to the authorities about 43 transactions concluded in 2012, and thus violated antitrust laws. Alibaba, Baidu and JD.com will be fined the maximum amount possible under Chinese law.

Undisclosed deals include Alibaba’s 2014 purchase of Chinese digital mapping and navigation firm AutoNavi, a 2021 agreement between Baidu and Chinese automaker Zhejiang Geely Holdings to jointly develop electric vehicles, and Alibaba’s 2018 acquisition of a 44% stake in online food delivery platform Ele.me. …

China is tightening its grip on internet platforms, changing the principle of laissez-faire and citing the risk of abuse of market power to stifle competition, misuse of consumer data and violate consumer rights, the article said.

China is tightening its grip on internet platforms, changing the principle of laissez-faire and citing the risk of abuse of market power to stifle competition, misuse of consumer data and violate consumer rights, the article said.

This spring, China’s Alibaba Group suffered a first-quarter operating loss of $ 1.2 billion (7.7 billion yuan) for the first time since it went public in 2014, Reuters wrote.

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