Tech giants Alibaba and Tencent fined by China's anti-monopoly regulators
Category: News & PoliticsVia: perrie-halpern • 3 weeks ago • 2 comments
By: The Associated Press
China's leaders worry about the dominance of its biggest internet companies, which are expanding into finance, health services and other sensitive areas. The ruling Communist Party says anti-monopoly enforcement, especially in tech, is a priority this year.
In the biggest penalty to date, Alibaba was fined $2.8 billion (18.3 billion yuan) in April on charges of suppressing competition. Other companies have been fined or reprimanded for violating competition, data protection, censorship and other rules.
On Sunday, ride-hailing service Didi Global Inc., which had a U.S. stock market debut last week, was ordered by regulators to overhaul its collection and handling of customer information.
The Associated Press