| 14 April 2024, Sunday |

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

On Wednesday, China’s top market regulator announced that Alibaba Group Holding Ltd, Tencent Holdings Ltd, and Bilibili Inc were punished for failing to properly notify roughly a dozen transactions.

According to public records, China’s State Administration for Market Regulation (SAMR) imposed fines on the corporations totaling 500,000 yuan ($78,692) per agreement, the highest amount allowed under China’s 2008 anti-monopoly law.

Requests for comment from Alibaba, Bilibili, and Tencent were not immediately returned.

The fines come amid a broader regulatory crackdown in China, with the IT industry being one of the primary targets.

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.

  • Reuters