FILE PHOTO: The Alibaba Group logo is lit up at its office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang/File Photo
January 5, 2022
SHANGHAI (Reuters) -China’s top market regulator said on Wednesday it has fined units of Alibaba Group Holding Ltd, Tencent Holdings Ltd, and Bilibili Inc <BILI.O> 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[.
(Reporting by Josh Horwitz; Editing by Kim Coghill)
Source: One America News Network
