China steps up the enforcement of anti-monopoly law against internet giants

The Chinese State Administration for Market Regulation (SAMR) has fined 12 internet companies, including Baidu Inc, Tencent Holdings, Didi Chuxing, SoftBank, ByteDance, and Alibaba for violations of anti-monopoly laws. Specifically, the fines are related to concentration of market power and failing to report deals for anti-monopoly review.