The State Administration for Market Regulation, China's top market regulator, imposed a fine of 500,000 yuan ($78,000) each on leading video platform Bilibili, Tencent Holdings and Alibaba Group for violating the Anti-Monopoly Law, according to its official website on Wednesday.
The SAMR said these companies were found to have not declared the concentration of business operators as per the law. The concentration of business operators is that a business operator obtains control over another in the same business, which may lead to monopoly.
All of the cases are related to mergers and acquisitions, including Bilibili's share acquisition of Versa Inc, Tencent's establishment of a joint venture with automaker Harmony Auto Holding Ltd, as well as Alibaba's venture business unit's share acquisition of a high-tech company based in Guizhou province.
(Source: China Daily)