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.