China fines internet giants in anti-monopoly cases

by Emma

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Chinese regulators have fined companies including internet giants Alibaba and Tencent for anti-monopoly violations as they move to tighten control over their fast-developing industries

BEIJING — Companies including internet giants Alibaba and Tencent were fined Wednesday by anti-monopoly regulators in a new move to tighten control over their fast-developing industries.

In 22 cases, companies were fined 500,000 yuan ($75,000) each for actions including acquiring stakes in other companies that might improperly increase their market power, the State Administration for Market Regulation announced. It said violators include six companies owned by Alibaba Group, five by Tencent Holding Ltd. and two by retailer Suning.com, Ltd.

In the biggest penalty to date, Alibaba was fined 18.3 billion yuan ($2.8 billion) in April on charges of suppressing competition. Other companies have been fined or reprimanded for violating competition, data protection, censorship and other rules.

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