China Fines Milk Powder Companies For Price-Fixing

China fined six infant milk powder companies, including Mead Johnson Nutrition CO (NYSE:MJN) and Biostime International Holdings Limited (HKG:1112) (OTCMKTS:BTSDF), for their alleged price fixing and anti-competitive practices.

According to the state-run news agency, Xinhua, this marks the largest fine China has ever imposed for violating anti-monopoly law.

Antitrust probe by NDRC

The Chinese government’s fine is a fallout of a four-month antitrust probe by the National Development and Reform Commission. The commission has also initiated separate investigations into 60 foreign and local pharmaceutical firms...