China Watchdog Fined Alibaba, Tencent Over Reporting Past Deals

China’s antitrust watchdog fined companies including Alibaba and Tencent. for not properly reporting past transactions.

Tencent was fined a combined 6 million yuan over 12 acquisitions, while Alibaba’s subsidiaries were fined 2.5 million yuan.  (AP)

China's antitrust watchdog fined companies including Alibaba Group Holding Ltd. and Tencent Holdings Ltd. for not properly reporting past transactions, according to a statement Sunday from the State Administration for Market Regulation. 

Tencent was fined a combined 6 million yuan ($896,245) over 12 acquisitions, while Alibaba's subsidiaries were fined 2.5 million yuan for not reporting five deals, the statement showed. SAMR issued penalties related to 28 deals in total.

The regulator said it was accelerating the disposal of existing anti-monopoly cases and will fully support the involved companies' development.