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China fines Alibaba, Tencent unit under anti-monopoly laws
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Chinese regulator fines Alibaba and Tencent under antitrust laws
Alibaba s Jack Ma today made his first public appearance in three months
The Chinese markets regulator has fined Alibaba and Tencent for a string of deals in its latest bid to clamp down on tech companies.
The State Administration for Market Regulation announced on Monday it had fined Alibaba, Tencent-backed China Literature and Shenzhen Hive Box Technology 500,000 yuan.
It comes after the regulator published draft regulations last month looking to curb tech monopolies, one of the most wide-sweeping proposals on Chinese tech.
The proposals include pricing, payment methods and use of data, as Beijing steps up its effort to control the growing influence of big tech.
Anti-trust regulator fines Alibaba, Tencent-backed China Literature for non-disclosure of deals
People walk by the Alibaba Group logo. Photo: Bloomberg Premium
China’s market regulator said on Monday it fined Alibaba Group, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan ($76,464.29) each for not reporting deals properly for anti-trust reviews.
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Alibaba and two other firms fined for not reporting deals to Chinese regulators CNBC 14/12/2020 Arjun Kharpal
Alibaba, Tencent-backed China Literature, and Shenzhen Hive Box Technology were each fined 500,000 yuan ($76,463) by the State Administration for Market Regulation (SAMR).
While the fines are small, SAMR s move signals further intent from Chinese regulators to punish and regulate technology firms.
Last month, the SAMR published draft rules looking to stop monopolistic practices by internet platforms. It is one of the most wide-sweeping proposals in China to regulate large tech firms. © Provided by CNBC Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange November 11, 2015.
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