Alibaba, Baidu other companies fined by Chinese antitrust regulator
$Alibaba(BABA.US$, $Baidu(BIDU.US$, $JD.com(JD.US$, $Tencent(TCEHY.US$ and several other Chinese companies were fined by China's antitrust regulator over acquisitions that were not properly disclosed in the past.
A total of 43 companies were fined by China's State Administration for Market Regulation and the parties were fined 500,000 yuan ($78,000), according to postings on the agency's website and an AP report.
The fines come after the Chinese regulator first fined several Internet companies in early July including companies owned by Tencent and Alibaba for failing to disclose earlier merger and acquisition transactions for approval, according to the regulator's website.
The pressure on techs from China comes after the country fined Alibaba a record $2.75B in April for anti-monopoly violations and comes as the country has cracked down on ride-hailing firm $DiDi Global (Delisted)(DIDI.US$ and others.
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tinymonster87 : Crash crash crash
102711703 : Small money to large companies
Kenneth558 : continue drop
John Dow : When your BABA losses are greater than the CCP's fine.
woodfill John Dow: That was hilarious.
Johnsh : $78,000 lol
moving on
ChclABkTHD : So 43 companies were in total fined with $78,000? That is news? A 3 day Business trip of a CEO of a big company is costing more than that. You also report about that? Completly useless!
fWY3TQgFdr ChclABkTHD: I think it's useful, in that it makes the government look proactive, while really not costing the company anything meaningful. Saber rattling at its finest. I would be fine if BABA got this kind of fine on a monthly basis, if it makes the Chinese government feel more in control. Saving face is a great thing because it's mostly just symbolic.
fPyTvyOaaW : Quickly, at least $50bn should be erased from BABA market cap based on the news!
EshoROsvP7 : How many seconds did it take Alibaba this year to get $1bln in sales at this year’s singles day? BABA is so undervalued compared to its US & Chinese peers!
Answer: less than 70 seconds!
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