China regulator fines Alibaba, Tencent for disclosure violations
China has imposed fines on technology giants Alibaba (9988.HK) and Tencent (0700.HK), as well as a range of other firms for failing to comply with anti-monopoly rules on the disclosure of transactions, the country's market regulator, said on Sunday.
The State Administration for Market Regulation (SAMR) released a list of 28 deals that violated the rules. Five involved units of Alibaba, including a 2021 purchase of equity in its subsidiary, the Youku Tudou streaming platform.
Tencent was involved in 12 of the transactions on SAMR's list.
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The firms could not immediately be reached for comment.
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 stands at 500,000 yuan ($74,688).
