China’s regulator fines Alibaba, Tencent for breach of disclosure

SHANGHAI, 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 for publishing transactions, the country’s market regulator said on Sunday.

The Norwegian Administration for Market Regulation (SAMR) published a list of 28 agreements that violated the rules. Five units of Alibaba involved, including an acquisition of equity in the 2021[ads1] subsidiary Youku Tudou.

Tencent was involved in 12 of the transactions on SAMR’s list.

The companies could not be immediately reached for comment.

China’s technology sector has been one of the main targets for a repression of 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)

Reporting by David Stanway; Editing by Edmund Klamann

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