The Xinhua news agency said the fine was the highest ever in China as a result of public interest litigation against polluters.
The companies were found guilty in August of discharging 25,000 tonnes of chemical waste into two Taizhou rivers.
China's rapid economic growth has caused widespread environmental damage.
The country is facing international pressure to clean up its environment and an increasing number of local protests concerning pollution.
The government says that around 70% of China's lakes and rivers are polluted.