China fines Internet giants in anti-monopoly cases

Companies including Internet giants Alibaba and Tencent were fined July 7, 2021, by anti-monopoly regulators in a new move to tighten control over their fast-developing industries. — AP

BEIJING: Companies including Internet giants Alibaba and Tencent were fined on July 7 by anti-monopoly regulators in a new move to tighten control over their fast-developing industries.

In 22 cases, companies were fined 500,000 yuan (RM321,882) each for actions including acquiring stakes in other companies that might improperly increase their market power, the State Administration for Market Regulation announced. It said violators include six companies owned by Alibaba Group, five by Tencent Holding Ltd. and two by retailer Suning.com, Ltd.