JAKARTA – Monopoly practice is usually carried out by large companies in the technology sector. This has come to the attention of many regulators around the world. Recently, the Chinese government continues to hunt for companies that are still desperate to practice it.
Sunday, July 10, China has imposed fines on tech giants Alibaba and Tencent as well as a number of other companies for failing to comply with anti-monopoly rules on disclosure of transactions. According to the country's central market regulator, the big tech company was repeatedly reprimanded but still violated.
The State Administration for Market Regulation (SAMR) released a list of 28 deals that violated the rules. Five Alibaba units involved, including a 2021 equity purchase in its subsidiary, streaming platform Youku Tudou. Meanwhile, Tencent was involved in 12 transactions on the SAMR list.
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Unfortunately, the two big companies have yet to comment on the report.
China's technology sector, according to Reuters, has become one of the main targets for the crackdown on monopolistic practices that began in late 2020.
Under China's antitrust laws, the maximum potential fine in each case is up to 500,000 yuan.
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