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China fines Alibaba, Tencent for failing to report past deals to anti-trust regulators

The State Administration of Market Regulation said in a statement that it had taken the decision after reviewing deals the firms were involved in, including Alibaba's past deal with Intime Retail (Group) Co Ltd and China Literature's acquisition of New Classics Media.

December 14, 2020 / 10:58 AM IST
No 1, Alibaba | Market Cap: $ 536.86 billion | CEO: Daniel Zhang | Location: China | Industry: Retailing. (Image: Reuters)

No 1, Alibaba | Market Cap: $ 536.86 billion | CEO: Daniel Zhang | Location: China | Industry: Retailing. (Image: Reuters)

China's market regulator said on Monday it will fine Alibaba Group, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan ($76,464.29) each for not reporting deals properly for anti-trust reviews.

The State Administration of Market Regulation said in a statement that it had taken the decision after reviewing deals the firms were involved in, including Alibaba's past deal with Intime Retail (Group) Co Ltd and China Literature's acquisition of New Classics Media.



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Reuters
first published: Dec 14, 2020 10:51 am
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