- China’s cyberspace regulator proposed a series of changes to the country’s cybersecurity law, including increasing the size of fines for some violators, Reuters reported.
- The Cyberspace Administration of China wanted to introduce a penalty under which operators of critical information infrastructure could face a fine of up to 5% of their previous year’s revenue, or 10 times the amount paid for the product.
- The CAC intended to increase fines for some violations from up to 100,000 yuan (US$14,371) to one million yuan.
- In July, the CAC held the Chinese ride-hailing giant DiDi Global Inc DIDY responsible for violating three important laws and fined $1.2 billion.
- Ecommerce Giant alibaba group holding ltd BABA and on-demand service platform operators meituan MPNGY handed out together 92% of antitrust fines in China.
- China took 23.6 billion yuan ($3.53 billion) in antitrust fines in 2021, up 52 times from 2020. Alibaba’s record fine of 18.2 billion yuan and Meituan’s fine of 3.4 billion yuan because of their monopolistic practices accounted for the bulk of the 2021 penalties.
- China suffered two cyber security Violations this year with an Alibaba connection. The hack affected the Shanghai City-run COVID Health Code mobile app and database of the Shanghai Police Department.
- Price promotion: BABA shares traded 0.94% lower at $88.62 on the last check Wednesday.
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