BEIJING, March 12 China denied on Friday it was planning to hit e-commerce giant Alibaba with a fine of almost US$1 billion (RM4.12 billion) for allegedly flouting monopoly rules, as authorities put the screws on the firm as part of a crackdown on the technology sector. Officials are.
Chinese technology stocks witness big drop sierraleonetimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sierraleonetimes.com Daily Mail and Mail on Sunday newspapers.
The Chinese State Administration for Market Regulation on Friday fined some of its largest tech giants, including Tencent Holdings Ltd (騰訊), Baidu Inc (百度), ByteDance Ltd (字節跳動) and Didi Chuxing (滴滴出行), for past acquisitions and investments as it stepped up its crackdown on the sector.
Pony Ma’s (馬化騰) Tencent is being fined 500,000 yuan (US$77,000) for its 2018 investment in online education app Yuanfudao, the agency in a statement.
Baidu was fined the same amount for its 2014 takeover of Ainemo Inc, a maker of consumer electronics including voice-controlled speakers.
The firms are being sanctioned for not seeking prior approvals for the deals
Chinese technology stocks witness bigger drop than US peers ANI | Updated: Mar 12, 2021 18:16 IST
Washington DC [US], March 12 (ANI): China s technology stocks have fallen harder than its US peers, as an index of the largest technology stocks listed in Hong Kong showed a drop of 26 per cent in less than three weeks, reflecting how a sudden turn in the market has resulted into significant losses for investors who piled into popular stocks earlier this year.
The Hang Seng Tech Index which tracks 30 companies including Chinese internet giants Tencent Holdings Ltd, Alibaba Group Holding Ltd and smartphone maker Xiaomi Corp closed on Tuesday at its lowest level in 2021 and has slipped into the bear-market territory (drop of at least 20 per cent), reported the Wall Street Journal (WSJ).