Chinese regulator fines Alibaba and Tencent for disclosure violations


Key Topics in this News Article:

News Snapshot:

SHANGHAI: China has fined tech giants Alibaba and Tencent, as well as a number of other companies for failing to comply with anti-monopoly rules on transaction disclosure, the country’s market regulator said Sunday. The State Administration for Market Regulation (SAMR) has released a list of 28 deals that break the rules. Five units of Alibaba involved, including a 2021 purchase of shares in its subsidiary, the Youku Tudou streaming platform. Tencent was involved in 12 of the transactions on SAMR’s list. The companies were not immediately available for comment. The Chinese tech sector has been one of the main targets...