China fines companies over undeclared concentration of undertakings

Xinhua
China's top market regulator on Saturday announced the decision to fine companies with over 43 cases of illegal concentration of undertakings, according to the Anti-monopoly Law.
Xinhua

China's top market regulator on Saturday announced the decision to fine companies with over 43 cases of illegal concentration of undertakings, according to the Anti-monopoly Law.

The cases are transactions that should have been declared in the past and mostly involve undeclared mergers and acquisitions of Internet companies, according to the State Administration for Market Regulation website.

The administration said that each of the companies involved was fined 500,000 yuan (US$78,339).

The penalty will help create a transparent and predictable competitive environment for market entities and urge enterprises to enhance their compliance awareness and abilities, the administration said.

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