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Tencent: Alibaba, Tencent fined for disclosure violations in China

by WOOWinvest
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Tencent: Alibaba, Tencent fined for disclosure violations in China


China has fined tech giants Alibaba and Tencent, as well as a slew of other companies, for failing to comply with antitrust rules on deal disclosure, China’s market regulator said on Sunday.

The State Administration for Market Regulation (SAMR) published a list of 28 illegal transactions. It involves five divisions of Alibaba, including the acquisition of a stake in its subsidiary Youku Tudou streaming platform in 2021.

Tencent participated in 12 transactions on the SAMR’s list.

The companies could not be immediately reached for comment. China’s tech sector has been one of the main targets of a crackdown on monopolistic practices starting in late 2020.

The maximum potential fine per case is RMB 500,000 (US$74,688) under the anti-monopoly law.

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