Chinese antitrust agency fines internet companies

Tencent

Tencent has to pay for its investment in the online education app Yuanfudao in 2018.


(Photo: Reuters)

Hongkong The Chinese antitrust authorities have fined a dozen internet companies for keeping business secret. The companies included the Tencent Holding, the transport service provider Didi Mobility and the media company Softbank, announced the competition authorities on Friday.

Didi and Softbank were each fined 500,000 yuan (a good 65,000 euros), according to the authorities, for hiding investments, company takeovers or the establishment of joint ventures.

Tencent is being asked to pay for its investment in the online education app Yuanfudao in 2018, and the internet search engine Baidu has to pay for its acquisition of electronics company Ainemo last year.

China issued anti-monopoly guidelines in February to combat anti-competitive agreements by Internet companies. This includes exclusive contracts with dealers and the use of subsidies to drive competitors out of business.

Top jobs of the day

Find the best jobs now and
be notified by email.

Tencent assured it will adapt to changes in the regulatory environment and try to ensure full compliance. Baidu, Didi Mobility and Softbank did not initially comment.

More: These are the most exciting unicorns from China

.

See Also:  Thunderbird 78.2: Update free to download

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.