China’s economy regulator has fined 12 businesses, such as Tencent Holdings and Baidu Inc., for not revealing past prices as government step up anti-monopoly scrutiny in the Online industry
HONG KONG — China’s economy regulator said Friday it fined several businesses, including games firm Tencent Holdings and Chinese research engine company Baidu Inc., for not revealing previous deals as police step up anti-monopoly scrutiny in the online industry.
China in February published anti-monopoly guidelines aimed at clamping down on anti-competitive clinics in the online business, like signing exclusive arrangements with retailers and using subsidies to squeeze out rivals.
Tencent Holdings was fined over its investment in online education program Yuanfudao at 2018, while Baidu was fined for carrying over consumer electronics company Ainemo Inc. this past year.
The regulator said that neither had hunted prior approval for those deals, thereby breaking up the anti-monopoly legislation although the deals did not limit competition.
Tencent stated in an emailed statement it would”continue to accommodate changes in the regulatory environment, and will want to ensure whole compliance.”
Baidu, Didi Freedom and Softbank didn’t immediately comment.
Internet businesses in the USA face similar scrutiny. Legislators and regulators are considering if Facebook, Google and other businesses harshly hamper competition in advertisements and other regions.
China’s economy regulator last December fined Tencent-backed online writer China Literature, Alibaba along with other businesses for not seeking consent over many prices.