China fines Alibaba, Tencent in anti-monopoly crackdown

As part of a larger anti-monopoly crackdown , China fined tech giants including Alibaba Group and Tencent Holdings for not reporting 43 acquisitions over the past eight years. The State Administration for Market Regulation said the companies "failed to declare illegal implementation of operating concentration." The acquisitions involved are assets in the areas of technology, medical technology and mapping. Each violation carries a penalty of 500,000 yuan (€71,000 or $80,000). Other companies fined include e-tailers JD.com Inc. and Suning Ltd. and the search engine Baidu Inc. CCP moves against tech giants Since late 2020, China's ruling Communist Party has cracked…