China's State Administration for Market Regulation fined Harbin Electric Corporation and General Electric (China) Co., Ltd. for failing to notify the establishment of their joint venture, Harbin GE Gas Turbine (Qinhuangdao) Co., Ltd., before implementation, violating the Anti-Monopoly Law.
Harbin Electric Company Limited and General Electric (China) Co., Limited announced that their joint venture contract has formally taken effect after both boards approved it on September 27, 2018.
Harbin Electric Company Limited and General Electric (China) Co. Ltd. entered into a joint venture agreement to establish General Harbin Electric (Qinhuangdao) Gas Turbine Co. Ltd. in Qinhuangdao, Hebei, China. Each will contribute RMB 333.5 million for a 50% stake.