China fines Alibaba, Tencent unit for antitrust violations

Chinaࢀ™s antitrust watchdog announced that it is fining tech titan Alibaba and China Literature, Tencentࢀ™s e-book spinoff, for failing to declare past acquisitions. The State Administration for Market Regulation (SAMR) also said itࢀ™s reviewing an impending Tencent-led merger. Jack Ma / Photo credit: Alibaba According to the regulator, it will fine Alibaba 500,000 yuan (US$76,400) as the ecommerce giant didnࢀ™t seek approval before increasing its stake in department store chain Intime Retail to 73.79% in 2017. China Literature will be fined the same amount because of reporting irregularities in its acquisition of film studio New Classics Media. SAMR also said…