China fines Alibaba, Baidu, and tech giants for failing to report 43 old deals


Source: indianlekhak.com indianlekhak.com

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China’s markets regulator said on Saturday it is fining companies including Alibaba, Baidu and JD.com for failing to announce 43 deals to authorities as of 2012, saying they violated anti-monopoly laws. . Enterprises involved in the cases will be fined CNY 500,000 (about Rs 58.15 lakh) each, the maximum under China’s 2008 anti-monopoly law. Alibaba, Baidu, JD.com, and Geely did not immediately respond to requests for comment. China is tightening its grip on Internet platforms, reversing a once laissez-faire approach and citing risks of abusing market power to suppress competition, abuse of consumer data and infringement of consumer rights ....