China fires fresh shot at Alibaba, Tencent over internet monopoly Quartz 12/14/2020 © Provided by Quartz An Alibaba Group logo during Singles Day 2019
Last month, Chinese tech giants saw nearly $290 billion wiped off their market value, after China’s top market regulator released draft rules intended to prevent internet monopolies. Now Chinese anti-trust regulators have sent another warning likely to deepen investor fears about the new approach Beijing is taking to its tech giants.
The country’s top markets regulator, the State Administration of Market Regulation (SAMR), said in a statement (link in Chinese) today (Dec. 14) that it has fined three tech companies 500,000 yuan ($76,000) each for their failure to report past deals for anti-trust reviews under a 2008 anti-trust law.
China fires fresh shot at Alibaba, Tencent over internet monopoly — Quartz
qz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from qz.com Daily Mail and Mail on Sunday newspapers.
China s Alibaba, Tencent unit fined under anti-monopoly law - business news
hindustantimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hindustantimes.com Daily Mail and Mail on Sunday newspapers.
Alibaba, Tencent unit violated anti-monopoly law – The Manila Times
manilatimes.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from manilatimes.net Daily Mail and Mail on Sunday newspapers.
China Fines Alibaba, Tencent for Flouting Rules in Past Deals
Coco Liu and Shiyin Chen, Bloomberg News Pedestrians wearing protective masks walk past the Alibaba Group Holding Ltd. logo displayed in front of the company s building in Beijing, China, on Wednesday, Aug. 19, 2020. U.S. President Donald Trump is threatening to slap TikTok-style sanctions on more Chinese companies and Alibaba Group Holding Ltd., as the largest of them all, may be next in line. Photographer: Gilles Sabrie/Bloomberg , Bloomberg
(Bloomberg) Chinese regulators fined Alibaba Group Holding Ltd. and a Tencent Holdings Ltd. unit 500,000 yuan ($76,500) each over failing to declare past acquisitions under the countryâs anti-monopoly laws.