Advertisement
Advertisement
Advertisement
Advertisement
Alibaba, Tencent, Baidu Pay $3.4m fines in latest antitrust round

Alibaba, Tencent, Baidu Pay $3.4m fines in latest antitrust round

Alibaba, Tencent, Baidu Pay $3.4m fines in latest antitrust round

Alibaba unveils AI system that could surpass ChatGPT

Advertisement

RIYADH: Alibaba Group Holdings, Tencent Holdings and Baidu were among the companies ordered by China’s competition watchdog to pay fines of 21.5m yuan ($3.4 million) in the latest round of sanctions in the country’s ongoing crackdown on monopolies, Bloomberg reported.

The companies must pay 500k yuan ($78k) for each of the 43 antitrust violations, the State Administration for Market Regulation said in a statement on Saturday.

Alibaba levied $2.8 billion in taxes earlier this year for abusing its market dominance, while food delivery company Meituan was fined $533 million last month for violating antitrust regulations.

Beijing has increased antitrust supervision of China’s sprawling private sector, particularly in the digital realm.

Also Read

Alibaba Unveils Cloud Pin for Media Persons at Tokyo Olympics 
Alibaba Unveils Cloud Pin for Media Persons at Tokyo Olympics 

KARACHI: Alibaba Group, a worldwide partner of the International Olympic Committee (IOC),...

Advertisement
Advertisement
Read More News On

Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story