Tap "LegalTips"

to follow us

You may also feel interested in:Measures for Security Review of Foreign InvestmentsAntitrust Guidelines in Platform Economy Released  for Comment
Regional Comprehensive Economic Partnership Agreement
On 14 December 2020China's bureau for regulating monopolies has fined three leading internet companies for failing to declare past acquisitions under the country's recently promulgated anti-monopoly laws.20201214
The penalties came on the heels of increased scrutiny of China's largest technology companies and a broader wave of antitrust efforts.
The State Administration for Market Regulation announced that it had fined e-commerce giant Alibaba Investment, Tencent-backed e-book site China Literature and logistics player Shenzhen Hive Box Technology 500,000 yuan ($76,450) each for not seeking regulatory approval before their respective buyout deals.5076450
The administration said in a release on its website that the decisions were made after investigations into three acquisition casesAlibaba's purchase of Intime Retail, China Literature's purchase of all shares of New Classics Media and Hive Box's acquisition of a subsidiary of China Post.()
While the acquisitions were not reported, the government said the investigations failed to establish a prospective monopoly under the law, and found no de facto elimination or restriction of competition.
"While competition on the platform economy has exhibited some new features, the internet sector is not a 'land beyond the law'," the release said. "All companies should strictly abide by anti-monopoly laws and regulations and maintain fair market competition. Only in this way can we ensure the healthy development of the entire industry.""''"
Experts anticipated more anti-monopoly efforts in the pipeline and highlighted that it is the timing that matters. "While the penalties aren't substantial in absolute amount, they do carry hefty symbolic weight: strengthening supervision will be a resounding signal," One expert said.""
Actually, recent policy signals have been very clear, at the beginning of 2020, the State Administration for Market Regulation published the "Amended Draft Anti-Monopoly Law (draft for comment)". On 10 November 2020, the State Administration for Market Regulation released Draft Antitrust Guidelines on the Platform Economy to solicit comment. On 11 December 2020, the meeting of the Political Bureau of the CPC Central Committee called for strengthened antitrust efforts and the prevention of disorderly expansion of capital for the first time. ()1110()1211


Tap "Read More" to visit our website

\n

Internet Giant Companies fined for Violating Anti-Monopoly Law

Tap "LegalTips"

to follow us

You may also feel interested in:Measures for Security Review of Foreign InvestmentsAntitrust Guidelines in Platform Economy Released  for Comment
Regional Comprehensive Economic Partnership Agreement
On 14 December 2020China's bureau for regulating monopolies has fined three leading internet companies for failing to declare past acquisitions under the country's recently promulgated anti-monopoly laws.20201214
The penalties came on the heels of increased scrutiny of China's largest technology companies and a broader wave of antitrust efforts.
The State Administration for Market Regulation announced that it had fined e-commerce giant Alibaba Investment, Tencent-backed e-book site China Literature and logistics player Shenzhen Hive Box Technology 500,000 yuan ($76,450) each for not seeking regulatory approval before their respective buyout deals.5076450
The administration said in a release on its website that the decisions were made after investigations into three acquisition casesAlibaba's purchase of Intime Retail, China Literature's purchase of all shares of New Classics Media and Hive Box's acquisition of a subsidiary of China Post.()
While the acquisitions were not reported, the government said the investigations failed to establish a prospective monopoly under the law, and found no de facto elimination or restriction of competition.
"While competition on the platform economy has exhibited some new features, the internet sector is not a 'land beyond the law'," the release said. "All companies should strictly abide by anti-monopoly laws and regulations and maintain fair market competition. Only in this way can we ensure the healthy development of the entire industry.""''"
Experts anticipated more anti-monopoly efforts in the pipeline and highlighted that it is the timing that matters. "While the penalties aren't substantial in absolute amount, they do carry hefty symbolic weight: strengthening supervision will be a resounding signal," One expert said.""
Actually, recent policy signals have been very clear, at the beginning of 2020, the State Administration for Market Regulation published the "Amended Draft Anti-Monopoly Law (draft for comment)". On 10 November 2020, the State Administration for Market Regulation released Draft Antitrust Guidelines on the Platform Economy to solicit comment. On 11 December 2020, the meeting of the Political Bureau of the CPC Central Committee called for strengthened antitrust efforts and the prevention of disorderly expansion of capital for the first time. ()1110()1211


Tap "Read More" to visit our website

\n

No comments:

Post a Comment