CHANGHAI, July 10 (Reuters) – China has imposed fines on technology giants Alibaba (9988.HK) and Tencent (0700.HK), as well as a number of other companies for failing to comply with antitrust rules on the disclosure of transactions, said Sunday the country’s market regulator.
The State Administration for Market Regulation (MRSA) published a list of 28 bids that violate the rules. Five units involved in Alibaba, including a capital purchase in 2021 from its subsidiary, streaming platform Youku Tudou.
Tencent participated in 12 of the transactions on the MRSA list.
Register now for FREE and unlimited access to Reuters.com
Sign up
Companies could not be contacted immediately for comment.
China’s technology sector has been one of the main targets of the crackdown on monopolistic practices that began in late 2020.
Under antitrust law, the maximum potential fine in each case is 500,000 yuan ($ 74,688).
($ 1 = 6.6945 yuan)
Register now for FREE and unlimited access to Reuters.com
Sign up
Report by David Stanway; Editing by Edmund Klamann
Our standards: the principles of trust of Thomson Reuters.