China Fines Tech Giants for Failing to Report 43 Previous Deals


Chinese tech giants, including Alibaba, Tencent, and Baidu, were fined on Saturday for failing to report 43 previous acquisitions in the latest round of the anti-monopoly crackdown by the ruling Communist Party. The companies failed to report the deals, that date as far back as 2012, according to an announcement from the State Administration for Market Supervision, citing the anti-monopoly legislation. Each violation carried a penalty of $78,000. The market regulator issued anti-monopoly guidelines in February this year aimed at internet platforms. Alibaba was hit with a fine of $2.8 billion for anti-competitive tactics in April, while the food-delivery leader Meituan was fined $533 million last month for violating anti-monopoly regulations.  The regime stepped up its oversight of tech giants with its anti-monopoly or data security rules, and cracked down on tutoring companies, as it tightens its control over the economy and society. The earliest penalty deal listed on Saturday was a 2012 acquisition between …

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