(Reuters) China’s State Administration for Market Regulation has fined 500,000 yuan or $78,692 on Alibaba Group, Tencent Holdings, and Bilibili Inc. on alleged failure to report several deals.
The fine, the maximum as per China’s 2008 anti-monopoly law, awakens a wave of regulatory crackdown, which has targeted several industries led by the tech sector.
In November, China’s regulator targeted 43 unreported deals, with the involved companies levied the maximum fine of 500,000 yuan.
Stocks react. 0700: HKG is down -4.31%, 9988: HKG is down -2.05%, 9626: HKG is down -10.63%.
