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.)

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