By Pei Li and Julie Zhu
April 29 (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.
China punishes internet giant Tencent in antitrust blitz: Report | Music News
China is preparing a large fine for Tencent Holdings as part of a reduction in the country’s antitrust on Internet giants, but is likely to face a $ 2.75 billion fine imposed on Alibaba this month, two people with direct knowledge of the matter said.
Tencent should expect a penalty of at least 10 trillion yuan ($ 1.54 billion), which is significant enough for the State Market Regulation Administration (SAMR) to be an example of this, the two people said.
Tencent faces penalties for not reporting past purchases and investments for antitrust reviews, a fine of 500,000 yuan ($ 77,100) per case, and anti-competitive practices in some businesses, particularly music reproduction. .
China is preparing a substantial fine for Tencent Holdings (0700.HK) 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.