Alibaba, Baidu, JD fined by China's market watchdog for failing to report old ac...
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Alibaba, Baidu, JD fined by China's market watchdog for failing to report old acquisitions
November 21, 2021 8:30 pmChinese tech giants including Alibaba, Baidu, JD were fined for failing to disclose acquisitions that date as far back as 2012, said China’s top market watchdog on Saturday.
Detail:
The Chinese State Administration for Market Regulation on Saturday declared a list of tech companies that failed to report 43 acquisitions and each company was fined the maximum penalty of CNY500,000 under China’s competition law.
The most recent deal listed was a 2021 agreement between Baidu and Chinese automaker Zhejiang Geely Holdings for creating a vehicle company for new energy. The earliest deal can be traced back to 2012 when Baidu and one of its partners reached an agreement on an acquisition.
Other deals cited by the State Administration of Market Supervision included two Alibaba deals-Alibaba’s acquisition of Chinese digital mapping and navigation firm AutoNavi in 2014 and a purchase of a 44% stake in Ele.me in 2018.
Apart from Alibaba, Baidu, other companies fined in the latest round of penalties include online retailers JD.com, automakers Geely and Suning Ltd.
Alibaba, the world’s biggest e-commerce company by sales volume, was fined USD2.8 billion in April for monopoly practices that regulator said squeeze out fair competition. Meituan, China’s largest food delivery platform, was fined USD534 million on Oct. 8.
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