(Yicai Global) Sept. 29 -- Chinese socket manufacturer Bull Group has been fined CNY295 million (USD45.6 million) for unfair market practices.

The fine has no impact on the operations of the company with an annual turnover of up to CNY10 billion (USD1.5 billion), Economic View reported yesterday, citing an employee at the Hangzhou-based firm.

"We just received the verdict yesterday [Sept. 27], and will certainly pay the fine as soon as possible," said the staff member. "There is no plan for administrative review." The penalty will be included in the 2021 nonrecurring gains and losses, the person added.

Bull had implemented monopoly agreements with distributors to fix converter, wall switch, socket, and light-emitting diode lighting prices nationwide from 2014 to 2020, according to the penalty statement issued by the Zhejiang arm of the State Administration for Market Regulation.

Moreover, the company had set up an inspection department to keep track of market prices via unannounced visits to dealers, punishing those who violated its rules, which harmed the legitimate rights and interests of consumers, the SAMR added.
Founded in 1995, Bull Group is a leading socket maker in China which only got listed in February 2020. The company's stock price [SHA: 603195] was 0.4 percent up at CNY163.18 (USD25.20) in the afternoon.

The penalty equals a small slice of profit. In the first half, the firm boosted its net profit by 77 percent to CNY1.4 billion (USD216.5 million) from a year ago, according to its earnings report. Its revenue climbed 41 percent to CNY5.8 billion.

Editor: Emmi Laine