China fines Tencent, Alibaba for disclosure violations

Sunday, 10. July 2022 07:30

China imposed fines against Tencent, Alibaba, and another group of companies for failing to follow anti-monopoly laws on transaction disclosure, China's State Administration for Market Regulation (SAMR) said Sunday.

The SAMR published a list of 28 operations that violated the regulations. There were five involving Alibaba units, which included a 2021 share purchase in its subsidiary Youku Tudou.

For its part, Tencent was in 12 of the deals on SAMR's list. For the moment, the firm has not commented on the events.

Related Links: Alibaba Group Holding Ltd.Tencent Holdings Ltd.
Baha Breaking News (BBN) / JG