JAKARTA - Big tech companies such as Alibaba, Baidu, JD.com and Geely have reportedly been fined by China's market regulator for violating anti-monopoly laws.
The four companies did not announce as many as 43 deals dating back to 2012 to authorities. Each company will be fined 78,000 US dollars or equivalent to Rp 817 million.
The fine amount is the maximum under China's 2008 Anti-Monopoly Law. According to reports, the earliest listed deals were the 2012 acquisition involving Baidu and partners, and the most recent is the 2021 deal between Baidu and Chinese automaker Zhejiang Geely Holdings to create the company. new energy vehicle.
Other deals cited by the State Market Oversight Administration include Alibaba's 2014 acquisition of Chinese digital mapping and navigation company AutoNavi. Alibaba also bought a 44 percent stake in Ele.me in 2018 to become its largest shareholder. the food delivery service. Regulators said the deal, however, had no effect of eliminating or limiting competition.
As is well known, in recent times China has tightened its grip on internet platforms, reversing its former laissez-faire approach and reflecting on the risks of abuse of market power to stifle competition, misuse of consumer data and violation of consumer rights.
In December last year, Chinese regulators also fined Alibaba, Tencent-backed China Literature and Shenzhen Hive Box 500,000 yuan each for not properly reporting past deals for antitrust review. Unfortunately, neither Alibaba, Baidu, JD.com and Geely did not respond to this.
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