[{"_1":2,"_91":-5,"_92":-5},"loaderData",{"_3":4,"_6":7},"root",{"_5":-5},"user","routes/tag.$slug",{"_8":9,"_80":81,"_88":83,"_89":63,"_90":64},"posts",[10],{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":22,"_23":24,"_25":26,"_27":28,"_29":30,"_31":32,"_33":-5,"_34":35,"_36":37,"_47":48,"_73":74,"_75":76,"_77":78,"_79":32},"documentId","kdpmaosx7xzpt7v82lc6wm0e","title","Alibaba Investment, China Literature and Hive Box Fined RMB 1.5M for Anti-Monopoly Violation","slug","alibaba-investment-china-literature-and-hive-box-fined-rmb-1-5m-for-anti-monopoly-violation","excerpt","On Dec. 14, Alibaba Investment, China Literature, and Hive Box were fined an overall 1.5 million yuan for violating the anti-monopoly law, according to a notice from the State Administration for Market Regulation.","content","\n

On Dec. 14, Alibaba Investment, China Literature, and Hive Box were fined an overall 1.5 million yuan for violating the anti-monopoly law, according to a notice from the State Administration for Market Regulation.

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\"\" — *Notice on the official website of the State Administration for Market Regulation*.

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The penalty came after the investigation on three purchases, including Alibaba Investment, Tencent-backed China Literature and SF Express-affiliated Hive Box respectively bought shares from Intime Retail Group, News Classics Media and China Post’s Logistics Unit.

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The punishment was decided upon the articles 48 and 49 of the Anti-Monopoly Law of the People’s Republic of China, which indicated the three companies’ failures to declare cases of illegal undertaking concentration.

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More specifically, the three companies were identified to have completed the “concentration”, a status enacted by article 22 of the anti-monopoly laws, after they finished the share purchases. But as a matter of fact, they all failed to legally declare the procedure to authorities.

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According to the articles, the companies were each fined 500,000 yuan.

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Upon receiving the punishments, the three companies, which are industry leaders in the landscapes of retails, entertainment and logistics, have issued corresponding statements.

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Alibaba Investment responded that it will actively rectify in accordance with the policy guidelines and requirements.

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China Literature said the company will also strictly rectify according to the law and will comprehensively complete the relevant declaration work.

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Hive Box stated that it sincerely accepts the punishments and will abide by the laws.

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“Compared with traditional industries, the business models of the Internet industry are swiftly changing. Therefore the transaction structure and competition ecology are highly complex,” said a regulator in an interview with Jiemian news. “Thus, it brings new challenges to anti-monopoly law enforcement.”

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As of the closing bell on Dec. 14, the share prices of China Literature and its parent company Tencent both fell by more than 2%, while Alibaba’s share price decreased by more than 3%.

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Tag: #hive box

Alibaba Investment, China Literature and Hive Box Fined RMB 1.5M for Anti-Monopoly Violation