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China's market regulator fines Alibaba, Tencent for failing to report deals

China's market regulator fines Alibaba, Tencent for failing to report deals
China's market regulator fines Alibaba, Tencent for failing to report deals   -   Copyright  Thomson Reuters 2022
By Reuters

SHANGHAI -China’s top market regulator said on Wednesday it has fined units of Alibaba Group Holding Ltd, Tencent Holdings Ltd, and Bilibili Inc <BILI.O> for failing to properly report about a dozen deals.

According to public filings, China’s State Administration for Market Regulation (SAMR) placed penalties of 500,000 yuan ($78,692) on the companies per deal, the maximum under China’s 2008 anti-monopoly law.

Alibaba, Bilibili, and Tencent did not immediately respond to requests for comment.

The penalties come amid an ongoing regulatory crackdown on a range of industries in China, with the tech sector as a main target.

SAMR in particular has targeted unreported deals involving tech giants. Last November it listed 43 investments that companies failed to report and levied a 500,000 yuan fine for each one. [L1N2SB01Y[.