China Watchdog Fines Alibaba, Tencent for Not Reporting M&A Deals
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).
- MOST POPULAR