Bull Group Photo: CFP

 
Leading Chinese socket maker Bull Group announced on Monday that the local market regulator in East China's Zhejiang Province has fined the company 294.81 million yuan ($45.62 million) for violating anti-monopoly law. 

According to a statement released by Bull Group, the market regulator said the company had violated the regulations barring business operators from reaching monopoly agreements with their counterparts. 

The fine was equivalent to 3 percent of the company’s total sales of 9.83 billion yuan in China in 2020, or 294.81 million yuan, per the statement. 

The fine will dent profits but will not have a significant impact on Bull Group’s production and development, the company said. 

The statement also pointed out that the company has established a self-inspection and rectification team headed by the president, which will conduct comprehensive internal inspection and rectification to achieve sustainable and high-quality development. 

Bull Group announced in May that the local regulator had launched an investigation into the company's alleged monopolistic practices.