Chinese leading socket maker Bull Group announced on May 12nd that the local market regulator in Zhejiang Province had launched an investigation into the company's alleged monopolistic practices.
Analysts said the move shows that China's antitrust efforts have expanded from internet platforms to other sectors affecting every aspect of economy. Such move aims to create a fair market environment and a long-term development for industries.
Bull Group said in a communication sent to the Shanghai Stock Exchange on May 12nd that it had received the letter from the local market regulator on May 11st and will actively cooperate with the antitrust investigation.
The company's shares shed 2.77 percent on Wednesday while the flagship Shanghai Composite Index ended up 0.61 percent.
The company, based in Cixi, East China's Zhejiang Province and known for its electrical and electronic products, posted 2.31 billion yuan in net profit last year, an increase of 0.42 percent, despite the fallout of the COVID-19 pandemic and big swings in raw material prices.
Bull Group saw its net profit soar 256.17 percent year-on-year to 607 million yuan during the first quarter of this year.
