China regulator fines Alibaba, Tencent for disclosure violations

China regulator fines Alibaba, Tencent for disclosure violations

China regulator fines Alibaba, Tencent for disclosure violations

China regulator fines Alibaba, Tencent for disclosure violations. (credits: Google)

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  • China’s two largest technology companies fined for failing to comply with anti-monopoly rules.
  • List of 28 transactions that did not comply with regulations was released by market regulator.
  • Maximum possible penalty for each offence is 500,000 yuan, equivalent to $74,688.
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China’s market regulator announced on Sunday that the nation’s two largest technology companies, Alibaba (9988.HK) and Tencent (0700.HK), along with a variety of other businesses, have been fined for failing to comply with anti-monopoly rules on the disclosure of transactions. The rules required that any transactions involving a dominant market share be disclosed.

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A list of 28 transactions that did not comply with the regulations was released by the State Administration for Market Regulation (SAMR). There were five involved units of Alibaba, one of which being the 2021 purchase of equity in the streaming network Youku Tudou, which is Alibaba’s subsidiary.

SAMR’s list includes twelve different transactions, and Tencent was involved in twelve of them.

It was impossible to get in touch with the companies in a timely manner for comment.

A campaign against monopolistic business practises in China that began in the late year of 2020 has one of its primary focuses on the country’s technology industry.

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According to the anti-monopoly statute, the maximum possible penalty for each offence is 500,000 yuan, which is equivalent to $74,688.

($1 = 6.6945 yuan)

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