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China's Biostime says fine 162.9 mln yuan for price-fixing
August 6, 2013 / 11:46 PM / 4 years ago

China's Biostime says fine 162.9 mln yuan for price-fixing

HONG KONG, Aug 7 (Reuters) - Chinese infant milk producer Biostime International Holdings Ltd said on Wednesday it had been fined 162.9 million yuan ($26.61 million) after an investigation by China’s top economic planning agency had found it guilty of price-fixing.

Mead Johnson Nutrition Co said on Tuesday it would pay a penalty of about $33 million related to a probe by China into possible price fixing and anti-competitive practices by foreign baby formula makers.

Biostime will comply with the finding by the National Development and Reform Commission and pay the fine in a timely manner, the company said in a statement to the Hong Kong stock exchange. Trading in the shares will resume on Wednesday.

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