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Chinese regulators fine businesses tied to Big Tech for price dumping
China’s market regulator has fined some of the country’s largest tech players involved in a fast-growing e-commerce model for slashing prices to edge out competitors, in Beijing’s latest move to rein in China’s Big Tech.
Alibaba Group Holding-backed start-up Nice Tuan and the community group buying units under e-commerce platform Pinduoduo, ride-hailing firm Didi Chuxing and online delivery company Meituan were each fined 1.5 million yuan (US$232,000) for breaching the country’s price law, while a start-up backed by Tencent Holdings, Shixianghui, was fined 500,000 yuan, the State Administration for Market Regulation (SAMR) said in a statement on Wednesday. (Alibaba owns the South China Morning Post .)
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