Alibaba and Tencent face heavy fines from the Chinese government

You are watching: Alibaba and Tencent face heavy fines from the Chinese government

in innnewyorkcity.com

Two giants Alibaba and Tencent have just been fined by China’s market regulator for failing to comply with antitrust transaction reporting rules.

Chinese authorities fined Alibaba and Tencent, Bilibili half a million yuan

The State Management Committee for Market Regulation (SAMR) has just published a list of 28 antitrust deals. Notably, Alibaba’s units had 5 cases and Tencent had 12 violations.

According to the Global Times, 28 violations relate to mergers and acquisitions (M&A), including Alibaba’s acquisition of Best and Tencent’s acquisition of Okaybuy. In early 2022, SAMR fined a number of companies half a million yuan each for inaccurately reporting on more than 10 deals, including Alibaba and Tencent, Bilibili.
Chinese authorities fined Alibaba, Tencent and Bilibili
Last June, China’s top legislature passed an amendment to the antitrust law that will take effect on August 1. The law has done major damage to Alibaba and Tencent. Visit Innnewyorkcity VN.com every day for more new information!

Categories: Travel

Source: INN NEW YORK CITY

See more great articles:  The 5 most memorable Japanese game series of all time

Leave a Comment