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

SHANGHAI: China’s top market regulator said on Wednesday it has fined units of Alibaba Group Holding Ltd, Tencent Holdings Ltd, and Bilibili Inc 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.

Must Read

Retailers reap substantial profits amid Ramadan crackdown, despite Rs. 45 million...

KARACHI:  Despite a significant crackdown, retailers in Karachi continue to enjoy substantial profits during Ramazan, with fines amounting to Rs. 45 million levied on...