Caixin
Nov 22, 2021 09:06 PM
BUSINESS

Markets Unfazed by Slate of Petty Antitrust Fines for China’s Internet Giants

Hong Kong-listed shares of China’s big internet firms — including Tencent and Alibaba — mostly shrugged off news of a flurry of antitrust fines issued by the State Administration for Market Regulation (SAMR).

In the first salvo since the appointment of Gan Lin as the head of the country’s anti-monopoly bureau, Tencent Holdings Ltd. and Alibaba Group Holding Ltd. were each hit with more than 6 million yuan ($938,628) in penalties for 13 and 12 historic deals, among a total of 43 antitrust cases (link in Chinese) released by SAMR on Saturday. Each violation attracted a fine of 500,000 yuan.

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