China's market regulator fines Alibaba, Tencent for failing to report deals

China

Reuters
05 January, 2022, 02:45 pm
Last modified: 05 January, 2022, 02:46 pm
The penalties come amid an ongoing regulatory crackdown on a range of industries in China, with the tech sector as a main target
The logo of Alibaba Group is lit up at its office building in Beijing, China August 9, 2021. Photo :Reuters

China's top market regulator said on Wednesday it has fined units of Alibaba Group Holding Ltd, Tencent Holdings Ltd, and Bilibili Inc for failing to properly report about a dozen deals.

According to public filings, China's State Administration for Market Regulation (SAMR) placed penalties of 500,000 yuan ($78,692) on the companies per deal, the maximum under China's 2008 anti-monopoly law.

Alibaba, Bilibili, and Tencent did not immediately respond to requests for comment.

The penalties come amid an ongoing regulatory crackdown on a range of industries in China, with the tech sector as a main target.

SAMR in particular has targeted unreported deals involving tech giants. Last November it listed 43 investments that companies failed to report and levied a 500,000 yuan fine for each one.

Related Topics

Top News / World+Biz

China / Alibaba / Tencent

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