Units of Chinese giants Alibaba Group Holding Ltd., Tencent Holdings Ltd., and Bilbili Inc. have been slapped with fines due to their failure to disclose business deals, Reuters reported.
China’s State Administration for Market Regulation (SAMR) has imposed the maximum penalties of its anti-monopoly law of 500,000 yuan or $78,692 on the companies per deal.
The SAMR has cracked down on unreported deals of tech giants, flagging down 43 investments that firms did not disclose and slapped a 500,000 yuan fine for each in November 2020.
The penalties are in line with China’s ongoing crackdown, with the tech sector being the main target. The companies slapped with fines have yet to comment on the matter.
