Chinese tech giants including Alibaba Group BABA and Tencent Holdings TME HK:700 were fined Saturday for failing to report corporate acquisitions, adding to an anti-monopoly crackdown by the ruling Communist Party.
The companies failed to report 43 acquisitions that occurred up to eight years ago under rules on “operating concentration,” according to the State Administration for Market Regulation. Each violation carried a penalty of 500,000 yuan ($80,000), it said.
Beijing…
Source: finance.yahoo.com
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