Antitrust Crackdown to Cost China’s Internet Giant Tencent More than 10 Billion Yuan

Antitrust Crackdown to Cost China’s Internet Giant Tencent More than 10 Billion Yuan

China’s internet giant Tencent faces more than 10 billion yuan or $1.54 million penalty for failing to report past business deals, according to Reuters. Tencent is also accused of anticompetitive practices in some of its operations.

The move against Tencent comes when Beijing is pursuing its internet giants.

The fine against Tencent is still below $2.75 billion Chinese authorities meted on Alibaba.

China’s President Xi Jinping supports efforts to control the influence of the country’s internet giants.

China’s top officials are yet to confirm and give a go ahead on the Tencent’s case.

Tencent does not oppose paying heavy penalties but is lobbying for a more lenient fine.

Tencent stock is currently gaining. 0700: HKG is up 0.56%

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