This undated photo shows the logo of ride-hailing company Didi Chuxing. (PHOTO / VCG VIA CHINADAILY.COM.CN)
BEIJING – China's top market watchdog on Friday imposed administrative penalties on 12 companies including Internet giants Tencent and Baidu for violating anti-monopoly law in 10 deals.
The 12 companies, also including ride-hailing giant Didi and TAL Education Group, were each fined US$77,107 as the deals violated the country's anti-monopoly law on illegal concentration of business operators, said an online statement released by the State Administration for Market Regulation
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The deals include Tencent's equity acquisition of online education platform Yuanfudao and Baidu's equity acquisition of Ainemo Inc, a company in smart home hardware terminals and services, according to an online statement released by the State Administration for Market Regulation.
The 12 companies, also including ride-hailing giant Didi and TAL Education Group, were each fined 500,000 yuan (US$77,107) as the deals violated the country's anti-monopoly law on illegal concentration of business operators, said the statement.
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Assessments concluded that the deals did not have the effect of excluding or restricting competition, the regulator said.