China Regulator Fines Alibaba, Tencent For Disclosure Violations

China has fined internet behemoths Alibaba and Tencent, as well as other companies, for failing to comply with anti-monopoly rules requiring transaction transparency, the country's market regulator said on Sunday, David Stanway reported for Reuters.

Photo Insert: Five Alibaba units were involved, including a 2021 equity purchase in its subsidiary, the Youku Tudou streaming platform.

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

Tencent was involved in 12 of the transactions listed by SAMR. The companies could not be reached for comment right away.

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

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