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

  • 1/5/2022
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SHANGHAI, Jan 5 (Reuters) - China"s top market regulator said on Wednesday it has fined units of Alibaba Group Holding Ltd (9988.HK), Tencent Holdings Ltd (0700.HK), 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. [L1N2SB01Y[.

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