Companies including internet giants Alibaba and Tencent were fined Wednesday by Chinese anti-monopoly regulators for failing to report earlier merger and acquisition deals for approval.
Details: The State Administration for Market Regulation imposed a penalty of 500,000 yuan ($77,384.9) for each case involved with violating the anti-monopoly law. The total fine for the 22 cases is 11 million yuan.
According to the Anti-Monopoly Law of China, the top market regulator found these cases related to the illegal concentration of business operators in the internet field after investigation. These cases do not have the effect of exclusion and restriction of competition, the regulator said.
Of the 22 cases, 6 were related to Alibaba, 5 were related to Tencent, and 8 were related to Didi and its subsidiaries.
Context: In recent months, Beijing has stepped up efforts to rein in the country's technology giants, citing concerns over monopolistic behavior, data securities and cybersecurity loopholes.
Ride-hailing giant Didi has seen its shares plunge as China launched investigations on national security grounds and removed its App from app stores.