The Chinese government has announced that it has fined Chinese IT giant Alibaba Group and Tencent's subsidiary for violating antitrust laws.
The Chinese government is tightening regulations on giant IT companies that are expanding their influence, and this disposition seems to be part of that.
On the 14th, the Chinese government fined 500,000 yuan and about 8 million yen in Japanese yen for violating the Antimonopoly Act by the investment company of Alibaba Group, the largest online shopping company in China, and the subsidiary of Tencent, which handles SNS etc. Announced that it was imposed.
The announcement states that the companies did not apply for antitrust law for past business acquisitions.
In China, IT companies such as Alibaba Group and Tencent are growing rapidly and expanding their influence.
The Chinese government appears to be increasingly concerned about this situation, and last month announced a policy to tighten regulations on transactions that take advantage of the monopoly of IT companies.
In addition, Ant Group, which operates cashless payment services under the Alibaba Group, has been forced to postpone the listing last month due to the guidance of the authorities just before the listing, which is expected to be the largest ever.
The Chinese authorities have explained that the disposition is "a sign to strengthen supervision of monopoly acts in the Internet field," and it seems to be part of the tightening of regulations on giant IT companies.