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China regulator fines Alibaba, Tencent for disclosure violations

Business 11:57 10 Jul, 2022

China's tech sector has been one of the main targets of a crackdown on monopolistic practices that started in late 2020

China regulator fines Alibaba, Tencent for disclosure violations

China has imposed fines on technology giants Alibaba and Tencent as well as a range of other firms for failing to comply with anti-monopoly rules on the disclosure of transactions, Qazet.az reports according to  the country's market regulator.

The State Admnistration for Market Regulation (SAMR) released a list of 28 deals that violated the rules. Five involved units of Alibaba, including a 2021 purchase of equity in its subsidiary, the Youku Tudou streaming platform.

Tencent was involved in 12 of the transactions on SAMR's list.

Under the anti-monopoly law, the maximum potential fine in each case stands at $74,688.