News Snapshot:
In the nation’s ongoing anti-monopoly crackdown targeting the internet industry, China’s market regulator on Saturday fined Chinese tech giants for failing to report 43 acquisitions in the areas of technology, medical technology and mapping over the past eight years. The list of tech giants include Alibaba Group, Tencent Holdings, Baidu, Suning Ltd. and JD.com. The State Administration for Market Regulation (SAMR) said that the tech companies violated anti-monopoly legislation and “failed to declare illegal implementation of operating concentration.” Each violation carries a penalty of 500,000 yuan ($78,000) under China’s 2008 Anti-Monopoly law. “With the in-depth advancement of anti-monopoly law enforcement,...
