Fines For Alibaba, Tencent Signals Tightened Anti-Monopoly Oversight For Big Tech
Total0 On December 14, China’s State Administration for Market Regulation made a penalty decision in accordance with Articles 48 and 49 of the Anti-Monopoly Law, and imposed punishments on Alibaba Investment Co., Ltd., China Literature (controlled by Tencent), and Shenzhen Fengchao Network Technology with administrative penalty of a fine of RMB500,000 each. Alibaba, Tencent, and China Reading Group all fell more than 2% in the afternoon. An investigation by the State Administration of Market Supervision revealed that the failure of the three companies to fulfill their obligation to declare...
Source: chinamoneynetwork.com