Alibaba, Tencent fined in China for breaching anti-monopoly rules



China has imposed fines on tech giants Alibaba and Tencent

along with a range of other companies for failing to comply with anti-monopoly rules on trade disclosure, the country’s market regulator said on Sunday.

The State Administration for Market Regulation (SAMR) released a list of 28 deals that broke the rules. Five involved units of Alibaba, including a stake in 2021 in its subsidiary, the streaming platform Youku Tudou.

Tencent was involved in 12 of the transactions on SAMR’s list. The companies could not immediately be reached for comment.

China’s tech sector has been one of the main targets of a crackdown on monopolistic practices that began in late 2020. Under the anti-monopoly law, the maximum potential fine in each case is 500,000 yuan ( $74,688).

($1 = 6.6945 yuan)

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Back To Top