BUSINESS Chinese regulator fines 12 companies for violating anti-monopoly law

BUSINESS

Chinese regulator fines 12 companies for violating anti-monopoly law

Xinhua

16:46, March 12, 2021

Didi Chuxing, China's largest ride-hailing platform. [Photo/Sipa]

BEIJING -- China's top market watchdog on Friday imposed administrative penalties on 12 companies including Internet giants Tencent and Baidu for violating anti-monopoly law in 10 deals.

The deals include Tencent's equity acquisition of online education platform Yuanfudao and Baidu's equity acquisition of Ainemo Inc, a company in smart home hardware terminals and services, according to an online statement released by the State Administration for Market Regulation.

The 12 companies, also including ride-hailing giant Didi and TAL Education Group, were each fined 500,000 yuan (about $77,107) as the deals violated the country's anti-monopoly law on illegal concentration of business operators, said the statement.

Assessments concluded that the deals did not have the effect of excluding or restricting competition, the regulator said.

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