China fines Torch Group, CDH for illegal takeover of condiment maker
By Yonnex Li ( June 30, 2026, 08:10 GMT | Insight) -- China's antitrust regulator fined state-backed Torch Group and private investment firm CDH Baifu 1.75 million yuan ($258,000) each for completing their takeover of condiment maker Jonjee Hi-Tech before obtaining regulatory approval. The deal, which saw the transacting parties seize board control in July 2023 while their merger filing was under review, was viewed by observers as state capital wresting control from private interests linked to the Baoneng Group.China's antitrust regulator has fined state-backed Torch Group and private investment firm CDH Baifu 1.75 million yuan ($258,000) each for for illegally implementing a merger involving Shanghai-listed condiment maker Jonjee Hi-Tech....
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