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China Slaps Record Fine on US Chipmaker Qualcomm

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China has imposed an unprecedented fine of 6 billion yuan ($994 million US) on the American mobile chip maker Qualcomm for violating anti-trust laws.

China's National Development and Reform Commission, or NDRC, has slapped a record fine of 6 billion yuan, (994 million dollars) on mobile chip maker Qualcomm after an anti-trust probe, Chinese media outlets reported on Tuesday.

"Qualcomm's practices hampered innovation and technology development, harmed consumers' rights and interests, and violated China's relevant anti-monopoly rules," an NDRC statement said.

Qualcomm has, meanwhile, pledged to adhere to the fine and deal with  the modification of its licensing practices, according to the sources.

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