China’s State Administration of Market Supervision has fined several Chinese Internet giants, including Tencent Holdings Ltd. (HKEx: 0700) and Baidu.com Inc. (BIDU), for violating China’s anti-monopoly law.
The General Administration of Market Regulation said Friday that it fined each of the 12 companies 500,000 yuan ($76,995).
The companies fined also include after-school tutor Good Future (TAL Education Group, TAL), an entity controlled by Food delivery giant Meituan (Meituan, 3690.HK) and a subsidiary of Bytedance Inc. Bytedance is the owner of the popular short-video App TikTok.
Recent Comments