China fines Alibaba, Tencent in anti-monopoly crackdown | Asia | An in-depth look at news from across the continent | DW | 20.11.2021

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China fines Alibaba, Tencent in anti-monopoly crackdown

Chinese officials ordered some of the country's biggest companies — including Alibaba, Tencent and Baiidu — to pay fines for failing to report corporate acquisitions over the past eight years.

The Alibaba Group sign with a security camera in Hangzhou

The Alibaba Group had already been ordered to pay billions in fines this year

As part of a larger   anti-monopoly crackdown,  China fined tech giants, including Alibaba Group and Tencent Holdings, for not reporting 43 acquisitions over the past eight years.

The State Administration for Market Regulation said the companies "failed to declare illegal implementation of operating concentration." The acquisitions involved are assets in the areas of technology, medical technology and mapping.

Each violation carries a penalty of 500,000 yuan (€71,000/$80,000).

Other companies fined include e-tailers Inc. and Suning Ltd. and the search engine Baidu Inc.

CCP moves against tech giants

Since late 2020, China's ruling Communist Party has cracked down on tech monopolies and issues such as data security in an apparent clampdown on the country's lucrative tech sector.

Watch video 01:26

Investment in China growing despite government crackdown

The one-party state is concerned about the companies gaining too much power and has urged them not to use their dominance to gouge consumers or squeeze out upstarts.

Earlier this year, Alibaba, the world's largest e-commerce site by sales volume, was fined $2.8 billion (€2.5 billion) for practices that regulators said suppressed competition. Last month, food delivery platform Meituan was fined $534 million.

ar/dj (AP, Reuters)