China Watchdog Fined Alibaba, Tencent Over Reporting Past Deals
- Tech giants among list of firms sanctioned by regulator
- Watchdog will fully support involved companies’ development
A screen displays the stock figures for companies including Tencent Holdings and Alibaba Group Holding.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
China’s antitrust watchdog fined companies including Alibaba Group Holding Ltd. and Tencent Holdings Ltd. for not properly reporting past transactions, according to a statement Sunday from the State Administration for Market Regulation.
Tencent was fined a combined 6 million yuan ($896,245) over 12 acquisitions, while Alibaba’s subsidiaries were fined 2.5 million yuan for not reporting five deals, the statement showed. SAMR issued penalties related to 28 deals in total.
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China Watchdog Fined Alibaba, Tencent Over Reporting Past Deals