China market regulator fines 12 firms over illegal monopolistic behaviour

China market regulator fines 12 firms over illegal monopolistic behaviour

News: China market regulator fines 12 firms over illegal monopolistic behaviour.

BEIJING (Reuters) – China’s market regulator announced Friday it had fined 12 companies related to 10 deals that showed illegal monopoly behavior.

Companies included Baidu Inc, Tencent Holdings, Didi Chuxing, SoftBank and a ByteDance-backed company, the state administration for market regulation (SAMR) said in a statement on Friday.

The companies were fined 500,000 yuan ($ 77,000) each for conduct that led to market concentration but did not exclude competition from other companies, SAMR said.

Tencent said in a statement it will be actively correcting operations and reporting to the regulator in a timely manner in future cases.

ByteDance said a joint venture between its affiliate and Shanghai Dongfang Newspaper Co Ltd, both of which were fined, had never been operational and the joint venture was terminated in January.

Baidu, Didi, and SoftBank did not immediately respond to requests for comment.

China has stepped up its scrutiny of its internet giants in recent months, raising concerns about monopoly behavior and possible violations of consumer rights.

The regulator fined Alibaba, Tencent-backed Chinese literature, and other companies for failing to properly report deals for antitrust reviews. A company that was involved in an auto deal was also fined Thursday.

Reporting by Yingzhi Yang, Cheng Leng, Pei Li, Yilei Sun, and Tony Munroe; Edited by Christian Schmollinger, Karishma Singh and Lincoln Feast.

Original Source © Reuters

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