China fines internet giants in anti-monopoly cases
BEIJING (AP) — Chinese regulators have fined companies including internet giants Alibaba and Tencent for anti-monopoly violations as they move to tighten control over their fast-developing industries. The government said companies in 22 cases were fined 500,000 yuan ($75,000) each for actions including acquiring stakes in other companies that might improperly increase their market power. It said violators include six companies owned by Alibaba Group, five by Tencent Holding Ltd. and two by retailer Suning.com, Ltd. China’s leaders worry about the dominance of its biggest internet companies, which are expanding into finance, health services and other sensitive areas. The ruling Communist Party says anti-monopoly enforcement, especially in tech, is a priority this year.