• Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Dividend Stocks Report
No Result
View All Result
Home Stock News

China fines tech giants over anti-monopoly violations again

by
November 22, 2021
in Stock News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Chinese tech giants including Alibaba Group
BABA,
-2.27%

and Tencent Holdings
TME,
+0.26%

Related Posts

Wall Street layoffs likely ahead as two-year hiring boom turns to bust

S&P 500 falls as stocks struggle to maintain their comeback from bear market lows

Frontier Airlines sweetens offer for Spirit merger as shareholder vote looms

Don’t get ‘sucked back in’: Fund manager says investors should learn from past bear markets

700,
-0.32%

were fined Saturday for failing to report corporate acquisitions, adding to an anti-monopoly crackdown by the ruling Communist Party.

The companies failed to report 43 acquisitions that occurred up to eight years ago under rules on “operating concentration,” according to the State Administration for Market Regulation. Each violation carried a penalty of 500,000 yuan ($80,000), it said.

Beijing has launched anti-monopoly, data security and other crackdowns on tech companies since late 2020. The ruling party worries the companies have too much control over their industries and has warned them not to use their dominance to gouge consumers or block entry to new competitors.

Other companies fined in the latest round of penalties include online retailers JD.com Inc.
JD,
+3.92%

and Suning Ltd.
002024,
-0.98%

and search engine operator Baidu Inc.
BIDU,
-1.68%

The acquisitions dating back to 2013 included network technology, mapping and medical technology assets.

The companies “failed to declare illegal implementation of operating concentration,” the regulator said on its website.

Alibaba, the world’s biggest e-commerce company by sales volume, was fined $2.8 billion in April for practices that regulators said suppressed competition. Meituan,
3690,
-2.42%

a food delivery platform, was fined $534 million on Oct. 8.

Next Post

Stock futures rise as market enters holiday-shortened week

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Your email address will not be published.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

Stock News

Don’t get ‘sucked back in’: Fund manager says investors should learn from past bear markets

by
June 27, 2022
0

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 22, 2022....

Read more

Don’t get ‘sucked back in’: Fund manager says investors should learn from past bear markets

Frontier Airlines sweetens offer for Spirit merger as shareholder vote looms

S&P 500 falls as stocks struggle to maintain their comeback from bear market lows

Wall Street layoffs likely ahead as two-year hiring boom turns to bust

I Have $30,000 to Invest. Is It Smart to Get a Financial Advisor?

5 things to know before the stock market opens Monday

Load More

All rights reserved by www.dividendstocksreport.net

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

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.