Economy News

China’s market regulator fines Alibaba, Tencent for failing to report deals

SHANGHAI (Reuters) -China’s top market regulator said on Wednesday it has fined units of Alibaba (NYSE:BABA) Group Holding Ltd, Tencent Holdings (OTC:TCEHY) Ltd, and Bilibili Inc (O:BILI) for failing to properly report about a dozen deals.

According to public filings, China’s State Administration for Market Regulation (SAMR) placed penalties of 500,000 yuan ($78,692) on the companies per deal, the maximum under China’s 2008 anti-monopoly law.

Alibaba, Bilibili, and Tencent did not immediately respond to requests for comment.

The penalties come amid an ongoing regulatory crackdown on a range of industries in China, with the tech sector as a main target.

SAMR in particular has targeted unreported deals involving tech giants. Last November it listed 43 investments that companies failed to report and levied a 500,000 yuan fine for each one. [L1N2SB01Y[.

© Reuters. FILE PHOTO: The Alibaba Group logo is lit up at its office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang/File Photo

Source: /Reuters

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