China regulator fines Alibaba, Tencent for disclosure violations

The State Admnistration for Market Regulation released a list of 28 deals that violated the rules

July 11, 2022 10:29 am | Updated 10:29 am IST - SHANGHAI

A man walks past a logo of Alibaba Group at its office building in Beijing, China.

A man walks past a logo of Alibaba Group at its office building in Beijing, China. | Photo Credit: Reuters

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, the country's market regulator, said on Sunday.

(Sign up to our Technology newsletter, Today’s Cache, for insights on emerging themes at the intersection of technology, business and policy. Click here to subscribe for free.)

The State Administration 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.

The firms could not immediately be reached for comment. China's tech sector has been one of the main targets of a crackdown on monopolistic practices that started in late 2020.

Under the anti-monopoly law, the maximum potential fine in each case stands at 500,000 yuan ($74,688).

Top News Today

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.