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China May Fine Qualcomm $1.6 Billion, Securities Times Says

Chinese regulators may fine Qualcomm Inc. more than 10 billion yuan ($1.6 billion) following an investigation into alleged antitrust violations, the state-run Securities Times reported.

Qualcomm will likely be punished in the next few days, the newspaper said, citing people it didn’t identify. The Securities Times also cited Xu Kunlin, head of the National Development and Reform Commission’s anti-monopoly division, as saying that the penalty may be several times bigger than all similar fines the agency imposed last year.