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Alibaba Group Holding Ltd (NYSE: BABA) has been fined by the Chinese market regulator for not reporting past deals properly, Reuters reported Monday (Shanghai time).
What Happened: The State Administration of Market Regulation fined Alibaba $76,464.29 (RMB 500,000) after it reviewed the company’s deal with Intime Retail (Group) Co Ltd, according to Reuters.
The market regulator also fined Chinese technology conglomerate
Tencent Holdings Ltd (OTC: TCEHY) the same amount after it looked into its deal with New Classics Media.
Why It Matters: In 2017, the Jack Ma-led Chinese group made a $2.6 billion offer to fully acquire InTime — a department store and mall operator — and delist it from the Hong Kong Stock exchange, TechCrunch reported.