SAMR investigated 22 merger and acquisition agreements – some of them since 2011 – and fined companies 500,000 yuan ($ 77,174) for each case. This is the maximum amount allowed by law on these practices.
The rest of the deals belong to Tencent, the e-commerce site Suning.com and the Meituan food delivery app.
CNN Business has contacted companies to comment on the fines.
The move, which was announced on Wednesday afternoon, attacked technology stocks in Hong Kong on Thursday. The Hang Seng Technical Index, which tracks the 30 largest technology companies listed in Hong Kong fell 3.7% to their lowest level since October. Meituan sank 6.4%. Alibaba and Tencent fell 4.1% and 3.7%, respectively.
This has contributed to the loss of market value of hundreds of billions of dollars since Beijing intensified repression late last year. Alibaba, Tencent and Meituan have seen a total of $ 710 billion evaporate in the market capitalization of their highs.
Regulation of “irregularities”
“Monopolistic practices exist not only in Ant Group, but also in other institutions. We will implement the measures we took against Ant Group on other payment service entities,” said Fan Yifei, deputy governor of the People’s Bank of China. press conference Thursday in Beijing.
“We will continue to regulate irregularities in the payments market.”
Recent regulatory action suggests that Beijing’s push to curb the country’s vast technology sector could be far from over.
Late last week, authorities unexpectedly launched an investigation against Didi and soon ordered her to withdraw from app stores, accusing her of violating data collection and use laws. It attacked Didi’s shares in New York just days after its $ 4.4 billion IPO, removing about $ 29 billion from its market value.
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