Jul 12, 2022 04:44 AM

China Watchdog Fines Alibaba, Tencent for Not Reporting M&A Deals

Tencent and its subsidiaries were fined $896,245 for 12 acquisitions.
Tencent and its subsidiaries were fined $896,245 for 12 acquisitions.

China’s market watchdog fined companies including Alibaba Group Holding Ltd. and Tencent Holdings Ltd. for not properly disclosing transactions and for failing to comply with anti-monopoly rules.

The penalties are part of the government’s efforts to tighten control over the sprawling internet industry. In a broad clampdown on tech companies last year, the country’s trust busters fined such companies 21.74 billion yuan, according to a report on antitrust enforcement by the State Administration for Market Regulation (SAMR).

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