SAMR has dished out 22 new fines of half a million yuan each to the country’s Big Tech firms for merger irregularities. Fines come as Beijing ups its scrutiny of Big Tech across a range of issues, including data security, consumer privacy and anticompetitive practices. — SCMP
China’s market regulator has dished out 22 fines of half a million yuan each to the country’s Big Tech firms, including Alibaba Group Holding, Tencent Holdings, and Didi Chuxing for a series of irregularities related to merger deals over the past decade.
The fines were announced by the State Administration for Market Regulation (SAMR) on Wednesday, and while a fine of 500,000 yuan (RM322,204) is relatively small change for the country’s Big Tech firms, it is the maximum amount allowed under China’s antitrust law for merger deal transgressions.
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