Mon. Dec 6th, 2021

Technical firms were ordered to pay $ 3.4 million for 43 antitrust violations amid monopoly repression.

Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Baidu Inc. is among companies ordered by China’s competition watchdog to pay a total of 21.5 million yuan ($ 3.4 million) in fines, the latest round of penalties in the country’s ongoing repression over monopolies.

The companies must pay 500,000 yuan ($ 78,000) for each of the 43 antitrust violations, the state administration for market regulation said in a statement on Saturday.

In March, President Xi Jinping announced his intention to go to “platform” companies that collect data to create monopolies, and Beijing increased antitrust oversight over China’s vast private sector, especially in the digital realm.

Alibaba was hit with a $ 2.8 billion levy earlier this year for abusing its market dominance, while food delivery leader Meituan was fined $ 533 million last month for violating anti-monopoly regulations.

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