China fines Alibaba and Tencent over failing to declare past acquisitions
Penalties come after regulators declared their intention to increase oversight of tech corporations
14 December 2020 - 08:55
Hong Kong — Chinese regulators fined Alibaba Group Holding and a Tencent Holdings unit ¥500,000 ($76,500) each over failing to declare past acquisitions under the country’s antimonopoly laws.
Alibaba should have sought approval from the State Administration for Market Regulation before increasing its stake in department store chain Intime Retail Group to 73.79% in 2017, according to a statement on Monday. China Literature, the e-books business spun off by Tencent, was also fined the same amount for its purchase of New Classics Media in 2018. The deals aren’t deemed anticompetitive, the regulator said...
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