Alibaba, Meituan paid the bulk of China’s US$3bil antitrust fines in 2021, report shows


The State Administration for Market Regulation collected 23.6bil yuan (US$3.53bil) in fines in 2021, about 52 times the 450mil yuan received in 2020. Authorities say they have achieved “important results” in disciplining monopolistic behaviours and will now focus on restoring market confidence. — SCMP

Ecommerce giant Alibaba Group Holding and on-demand service platform operator Meituan together contributed 92% of the antitrust fines handed out in China last year, according to an annual report published this week by the State Anti-Monopoly Bureau.

Authorities collected 23.6bil yuan (US$3.53bil or RM15.53bil) in antitrust fines in 2021, about 52 times the 450mil yuan (RM295.72mil) received in 2020, according to the report.

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
   

Next In Tech News

Intel expects reduced U.S. grant after winning defense contract
Nvidia shows AI model that can modify voices, generate novel sounds
Analysis-Lilium's fall throws spotlight on air-taxi cash crunch
AI analytics firm Pyramid Analytics secures $50 million from BlackRock
Google's US antitrust trial over online ad empire draws to a close
Corning offers to waive exclusive deals in EU antitrust probe, may stave off fine
US finalizes awards to BAE Systems, Rocket Lab for semiconductor chips
Social media sites call for Australia to delay its ban on children younger than 16
Study: New coating can make China’s stealth aircraft invisible to anti-stealth radar
Apple chief returns to China as Beijing prepares to fete CEOs

Others Also Read