CCP Authorities Launch a New Round of “Rug-Pull Campaign” Against Private Enterprises

【Japan Himalaya League】 Author: Beiji  Translator: Ranting

On November 20, the General Administration of Market Supervision of Communist China (GAMSC) announced on its official website that it had investigated 43 cases of “concentration of private enterprises” and found that the above cases had not been declared in accordance with the law and violated the Anti-Monopoly Law of the People’s Republic of China, and imposed a fine of RMB 500,000 respectively. The CCP authorities once again used the so-called “anti-monopoly law” to berip private enterprises off.

The announcement of the General Administration of Market Regulation shows that Alibaba, Baidu, Suning, Tencent, Jingdong, DiDi, Meituan and other well-known Internet companies are involved. Among them, Tencent and Alibaba system involved in the most cases, respectively involved in 13 and 12 cases. From this calculation, Tencent and Alibaba’s fines are more than 5 million yuan.

Image from Deutsche Welle

The term “concentration of operators” refers to a market economy in which operators merge with each other and acquire equity or assets by contract, thereby gaining control over other operators.

According to reports, the Chinese Communist Party authorities have issued a number of “anti-monopoly” fines this year, involving Alibaba, Tencent, Baidu, Meituan, Suning, Jingdong, ByteDance, DiDi and other well-known domestic private companies. Among them, Meituan and Alibaba were fined RMB 3.4 billion and RMB 18.2 billion respectively.

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Posted by: Ranting

Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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