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China readies Tencent penalty in antitrust crackdown China is preparing a substantial fine for Tencent Holdings as part of its sweeping antitrust clampdown on the country’s Internet giants, but it is likely to be less than the record US$2.75-billion penalty imposed on Alibaba earlier this month, two people with direct knowledge of the matter said. Tencent should expect a penalty of at least C¥10-billion (US$1.54-billion), significant enough for the State Administration of Market Regulation (SAMR) to make an example of it, both people said. Tencent faces penalties for not properly reporting past acquisitions and investments for antitrust reviews, an offence with a fine capped at C¥500 000 per case, and for anticompetitive practices in some of its businesses, with music streaming in particular focus, said the sources.

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