China fines Alibaba, Tencent, Baidu for more antitrust violations

The State Administration for Market Regulation (SAMR) said in a statement that Alibaba, Tencent, Baidu and other companies were all hit with fines over the weekend for breaching antitrust laws.

The Syrian Organization for Human Rights listed 43 separate violations, with some crimes dating back to 2012. The penalty for each fine is 500,000 yuan ($78,000).

“The cases announced this time are all transactions that should have been announced but were not announced in the past,” he said. He said in his statement.
Market regulator led over a year Campaign against big tech companies in China. The total amounts announced on Saturday are small compared to some of the high-profile penalties imposed earlier this year, including a record 18.2 billion yuan ($2.8 billion) fine. Ali Baba (Baba) order to pay. At the time, antitrust regulators said they concluded that the online shopping giant was behaving like a monopoly.
alibaba stock, Tencent (TCEHY) And Baidu (Start) All were slightly lower in Hong Kong on Monday after the announcement. Baidu’s biggest loss was 2.1%, while Tencent fell 0.3%.
Alibaba shares fell 1.6 percent. company on friday down nearly 11% Its biggest drop since a Hong Kong listing in November 2019. The tech giant warned last week of weak growth this year with China. Economy slows down And Beijing communicate organizational repression. (Alibaba also trades in New York.)

CNN’s Beijing bureau contributed to this report.

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