China crackdown on Tencent and Alibaba results in fines for Tencent and Alibaba

New Delhi, Nov 20, : China's market regulator fined technology giants Alibaba and Tencent, as well as e-commerce platform JD.com Inc.and Suning, for violating anti-monopoly laws in 34 mergers & acquisitions (M&A), deals that they did not declare illegal operating concentration.This is the latest step in China's battle against monopoly.Global Times reported.For the various deals that they participated in, the State Administration for Market Regulations (SAMR), slapped 500,000 yuan ($78,000.00) each on the firms.This included the joint purchase by Nanjing Xinfeng Network Technology Co and Beijing Baidu Wangxun Technology Co of Nanjing Wangdian Technology Co of Nanjing Xinfeng Network Technology…