China watchdog fined Alibaba, Tencent over reporting past deals

Tencent was fined a combined 6 million yuan over 12 acquisitions, while Alibaba’s subsidiaries were fined 2.5 million yuan for not reporting five deals, the statement showed.
Image: Bloomberg

China’s antitrust watchdog fined companies including Alibaba Group Holding and Tencent Holdings 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.

The regulator said it was accelerating the disposal of existing anti-monopoly cases and will fully support the involved companies’ development.

© 2022 Bloomberg

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