SHANGHAI: China’s top market regulator said on Wednesday it has fined units of Alibaba Group Holding Ltd, Tencent Holdings Ltd, and Bilibili Inc for failing to properly report about a dozen deals.
According to public filings, China’s State Administration for Market Regulation (SAMR) placed penalties of 500,000 yuan ($78,692) on the companies per deal, the maximum under China’s 2008 anti-monopoly law.
Alibaba, Bilibili, and Tencent did not immediately respond to requests for comment.
The penalties come amid an ongoing regulatory crackdown on a range of industries in China, with the tech sector as a main target.
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.
Read Full Story: https://profit.pakistantoday.com.pk/2022/01/05/chinas-market-regulator-fines-alibaba-tencent-for-failing-to-report-deals/
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