China's top market regulator said on Wednesday it has fined units of Alibaba Group Holding Ltd , Tencent Holdings Ltd , and Bilibili Inc for failing to properly report about a dozen deals.
According to public filings, China's State Administration for Market Regulation placed penalties of 500,000 yuan on the companies per deal, the maximum under China's 2008 anti-monopoly law.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[.Reporting by Josh Horwitz; Editing by Kim CoghillSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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