Financials, Automotive, Technology Nov 22, 2021 09:39 PM (GMT+8) · EqualOcean
Financial Associated Press, November 22 (Xinhua) -- antitrust in the financial industry has been continuously strengthened. Two enterprises illegally set up banks to receive fines for violating the antitrust law of the people's Republic of China. On November 20, the State Administration of Market Supervision announced a decision on administrative punishment, pointing out that the newly established joint venture between Fujian Baidu Borui Network Technology Co., Ltd. (hereinafter referred to as "Baidu") and China CITIC Bank violated the relevant provisions of the anti-monopoly law. Based on the investigation and evaluation conclusion, it decided to impose a fine of 500000 yuan on Baidu and China CITIC Bank respectively, which was the top punishment. The ticket is regarded as the first antitrust case in the banking industry.
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