Qualcomm Fined By Chinese Government For Violating Anti-Monopoly Laws
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.Qualcomm, best known for its 3G and 4G smartphone chips, has been fined 6.088 billion yuan (US$975 million) for reportedly violating anti-monopoly laws. The tech firm, which generates most of its profit from licensing patents for chips to other companies, is said to have bundled patents in a way that forced licensees to purchase beyond their business needs. To protect local businesses and level the playing field, China’s National Development and Reform Commission, put an end to the excessive bundling and levied a hefty fine. Qualcomm currently makes half of its $26.5 billion revenue from the Chinese market.