China regulator fines Alibaba, Tencent for disclosure violations
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China's tech sector has been one of the main targets of a crackdown on monopolistic practices that started in 2020.
PHOTO: AFP
SHANGHAI (REUTERS, BLOOMBERG) - China has imposed fines on technology giants Alibaba and Tencent, as well as a range of other firms, for failing to comply with anti-monopoly rules on the disclosure of transactions, said the country's market regulator on Sunday (July 10).
The State Administration for Market Regulation (SAMR) released a list of 28 deals that violated the rules. Five involved units of Alibaba, including a 2021 purchase of equity in its subsidiary, the Youku Tudou streaming platform.
Tencent was involved in 12 of the transactions on SAMR's list.
The firms could not be immediately reached for comment.
The regulator said it was accelerating the disposal of existing anti-monopoly cases and will fully support the involved companies' development.
China's tech sector has been one of the main targets of a crackdown on monopolistic practices that started in late 2020.
Under the anti-monopoly law, the maximum potential fine in each case stands at 500,000 yuan (S$104,000).
