• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Money Profit News
No Result
View All Result
Home Breaking News

China fines tech companies including Alibaba, Baidu and JD.com for failing to report 43 old deals

by
November 20, 2021
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

Jury finds Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets

I’m 64, make $1,500 a month driving Uber and get almost $5,000 a month in pensions and Social Security – should I pay off my mortgage before I retire?

Jury find Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets

Elon Musk Found Not Liable in Trial Over Tweets Proposing to Take Tesla Private

China’s market regulator on Saturday said it was fining companies including Alibaba, Baidu and JD.com for failing to declare 43 deals that date as far back as 2012 to authorities, saying that they violated anti-monopoly legislation.

Enterprises involved in the cases would be fined 500,000 yuan ($78,000) each, it said, the maximum under China’s 2008 Anti-Monopoly Law.

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

China has been tightening its grip on internet platforms, reversing a once laissez-faire approach and citing the risk of abusing market power to stifle competition, misuse of consumers’ data and violation of consumer rights.

The earliest deal 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-energy vehicle company.

Other deals cited by the State Administration of Market Supervision included Alibaba’s 2014 acquisition of Chinese digital mapping and navigation firm AutoNavi and its 2018 purchase of a 44% stake in Ele.me to become the food delivery service’s largest shareholder.

The deals, however, did not have the effect of eliminating or restricting competition, the regulator said.

In December last year, it fined Alibaba, Tencent-backed China Literature and Shenzhen Hive Box 500,000 yuan each for not reporting past deals properly for antitrust reviews, the first time it had ever done so.

Next Post

GM and Ford 'need to spin off their EV operations ASAP:' DataTrek

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Jury finds Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets

by
February 4, 2023
0

In this article TSLATWTR Follow your favorite stocksCREATE FREE ACCOUNT Tesla CEO Elon Musk and his security detail depart the...

Read more

Jury finds Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets

I’m 64, make $1,500 a month driving Uber and get almost $5,000 a month in pensions and Social Security – should I pay off my mortgage before I retire?

Jury find Musk, Tesla not liable in securities fraud trial following ‘funding secured’ tweets

Elon Musk Found Not Liable in Trial Over Tweets Proposing to Take Tesla Private

Tech stocks just finished a five-week rally — the longest stretch since market peak in November 2021

Stock market news live updates: Stocks slide after jobs report shocks, Big Tech results disappoint

Load More

All rights reserved by www.moneyprofitnews.com

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

moneyprofitnews