China's State Administration for Market Regulation (SAMR) fined Yangtze River Pharmaceutical Group (YRPG) 764 million yuan (about $116.88 million), or 3 percent of its 2018 revenue on Thursday for monopolistic practices.

The monopolistic practices mainly relate to implementing price controlling strategies, for example, by setting rules to finely control drug prices, supervising price implementation, punishing distributors when the price mechanism is not maintained and hiring third parties to monitor retail prices, according to a notice by the SAMR.

The behaviors have excluded and restricted competition, and damaged the interests of consumers and the public interest of society, said the SAMR citing the anti-monopoly law.

The pharmaceutical giant responded on Thursday that it accepts the regulator's decision and has taken practical measures in conducting comprehensive rectification.

Founded in 1971, YRPG's business span from research, manufacture to trade. It currently has over 13,000 employees.

Last December, China vowed to strengthen anti-monopoly efforts and prevent the disorderly expansion of capital in 2021 and scrutiny over monopolistic behaviors has escalated since then. 

Regulators on Tuesday hauled in 34 of the country's leading online service platforms for an anti-trust meeting following Alibaba Group's record $2.78 billion fine for abusing the dominant market position.

(Cover via CFP)