(Yicai Global) June 5 -- China's market regulator has fined one of Ford Motor's major China joint ventures CNY162.8 million (USD23.6 million) for violating the nation's anti-monopoly law.
Chang'an Ford, a 50:50 joint venture of Ford and China's Chongqing Chang'an Automobile, was sanctioned because it restricts its dealer's pricing rights in China's southwestern megacity of Chongqing, and therefore plied a vertical monopoly.
The share price of the Chinese partner tanked after the State Administration of Market Regulation handed down its decision.
The stock [SHE:000625] traded down 3.53 percent at CNY6.55 at the lunch break.
Editor: Ben Armour