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Exclusive: China readies Tencent penalty in antitrust crackdown- sources Pei Li ,
By Pei Li and Julie Zhu
(Reuters) - China is preparing a substantial fine for Tencent Holdings as part of its sweeping antitrust clampdown on the country s internet giants, but it is likely to be less than the record $2.75 billion penalty imposed on Alibaba earlier this month, two people with direct knowledge of the matter said.
Tencent should expect a penalty of at least 10 billion yuan ($1.54 billion), significant enough for the State Administration of Market Regulation (SAMR) to make an example of it, both people said.
Tencent faces penalties for not properly reporting past acquisitions and investments for antitrust reviews, an offence with a fine capped at 500,000 yuan per case, and for anticompetitive practices in some of its businesses, with music streaming in particular focus, said the sources.
Publishing date: Apr 28, 2021 • 1 hour ago • 3 minute read •
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China is preparing a substantial fine for Tencent Holdings as part of its sweeping antitrust clampdown on the country’s internet giants, but it is likely to be less than the record $2.75 billion penalty imposed on Alibaba earlier this month, two people with direct knowledge of the matter said.
Tencent should expect a penalty of at least 10 billion yuan ($1.54 billion), significant enough for the State Administration of Market Regulation (SAMR) to make an example of it, both people said.
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China is preparing a substantial fine for Tencent Holdings as part of its sweeping antitrust clampdown on the country’s internet giants, but it is likely to be less than the record $2.75bn penalty imposed on Alibaba earlier this month, two people with direct knowledge of the matter said.
Tencent should expect a penalty of at least 10 billion yuan ($1.54bn), significant enough for the State Administration of Market Regulation (SAMR) to make an example of it, both people said.
Tencent faces penalties for not properly reporting past acquisitions and investments for antitrust reviews, an offence with a fine capped at 500,000 yuan ($77,100) per case, and for anticompetitive practices in some of its businesses, with music streaming in particular focus, said the sources.
After Alibaba fine, China readies Tencent penalty in antitrust crackdown
Logos of Tencent are displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu
April 29, 2021
China is preparing a substantial fine for Tencent Holdings as part of its sweeping antitrust clampdown on the country’s internet giants, but it is likely to be less than the record $2.75 billion penalty imposed on Alibaba earlier this month, two people with direct knowledge of the matter said.
Tencent should expect a penalty of at least 10 billion yuan ($1.54 billion), significant enough for the State Administration of Market Regulation (SAMR) to make an example of it, both people said.