- China’s State Administration for Market Regulation (SAMR) has hit technology giants Alibaba (NYSE:BABA) and Tencent (OTCPK:TCEHY) with fines for failing to comply with transaction disclosure rules that are part of anti-monopoly laws, according to Reuters report.
- Numerous other companies were also named as having violated the rules in the same announcement.
- The SAMR released a list of 28 unreported deals that violated the rules. Five involved units of Alibaba, including a 2021 purchase of equity in one of its subsidiaries, the Youku Tudou streaming platform.
- Tencent was involved in 12 of the transactions on the SAMR list.
- China’s tech sector has been one of the main targets of a crackdown on monopolistic practices that started in late 2020.
- Under the anti-monopoly law, the maximum potential fine in each case is 500,000 renminbi (US$74,688).
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