SHANGHAI, July 10 (Reuters) – China has fined tech giants Alibaba ( 9988.HK ) and Tencent ( 0700.HK ) and a number of other firms for failing to comply with antitrust rules on transaction disclosure, the country’s market regulator said in Sunday.
The State Administration of Market Regulation (DARP) has published a list of 28 transactions that violate the rules. Five Alibaba units involved, including a 2021 equity purchase in its subsidiary, streaming platform Youku Tudou.
Tencent was involved in 12 of the transactions listed on SAMR.
Sign up now for FREE unlimited access to Reuters.com
I am registering
The companies could not be reached for comment.
China’s technology sector has been one of the main targets of a crackdown on monopolistic practices that began in late 2020.
Under the antitrust law, the maximum potential fine in each case is 500,000 yuan ($74,688).
($1 = 6.6945 yuan)
Sign up now for FREE unlimited access to Reuters.com
I am registering
Reporting by David Stanway; Editing by Edmund Claman
Our standards: The Thomson Reuters Trust Principles.
Add Comment