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China regulator fines 12 companies for antitrust law

Hong Kong (AP) – A Chinese market regulator said on Friday it had fined dozens of companies, including gaming company Tencent Holdings և Baidu Inc. Chinese search company for not disclosing previous deals as authorities tighten antitrust control over Internet

Companies that included other companies, such as Didi Mobility and Softbank, were fined 500,000 yuan ($ 77,000) for failing to disclose previous investments, acquisitions or joint ventures, according to a statement from China’s state regulatory authority.

In February, China issued antitrust guidelines aimed at tightening anti-competitive practices in the Internet industry, such as concluding exclusive contracts with traders and using subsidies to stifle competition.

Tencent Holdings was fined in 2018 for investing in the Yuanfudao online education app, while Baidu was fined last year by Ainemo Inc. to take over a consumer electronics firm.

The regulator said no one had asked for prior approval for the deals, thus violating antitrust laws, although the deals did not restrict competition.

Tencent e. It said in a statement that it “will continue to adapt to changes in the regulatory environment and will try to ensure full compliance.”

Similarly, Didi Mobility, Didi Chuxing և Softbank were convicted of failing to obtain approval before setting up a joint venture.

Baidu, Didi Mobility and Softbank did not immediately comment.

Internet companies in the United States receive such attention. Lawmakers and regulators are examining whether Facebook, Google, and other companies are improperly restricting competition in other areas of advertising.

Last December, a Chinese market regulator fined Tencent-backed China Literature, Alibaba and other online publishers for failing to seek confirmation of several deals.

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