China fines Grand Pharmaceutical $19 million
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Pharmaceutical company Grand Pharmaceutical was fined 136 million yuan (about $19.2 million) in China for violating antitrust laws. This is with reference to the statement of the State General Administration for Market Supervision of the People’s Republic of China, writes Reuters.
The regulator also said it would confiscate 149 million yuan ($21 million) of “illegal proceeds” from Grand Pharmaceutical for entering into a monopoly deal with another pharmaceutical company, Wuhan Healcare Pharmaceuticals. The latter was fined 4.13 million yuan ($584,000), and the state will also confiscate more than 30 million yuan ($4.2 million) in proceeds.
Since the end of 2020, Chinese regulators have begun to apply antitrust measures to many industries, most notably technology companies. On April 10, 2021, the PRC authorities announced that Alibaba will be fined a record $2.78 billion for violating antitrust laws. Alibaba pursued a policy called “Choose one of two”: if the seller began to trade with competitors, then the company cut off his traffic, which led to a sharp drop in sales.
In the summer of 2022, the regulator imposed fines on Alibaba and Tencent, as well as a number of other companies for non-compliance with antitrust rules on the disclosure of transactions. Tencent was fined 6 million yuan and Alibaba 2.5 million yuan, according to Bloomberg.
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