Antitrust laws: China fines Alibaba, Tencent for failing to report deals
The State Administration of Market Regulation said in a statement that it had taken the decision after reviewing deals the firms were involved in
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Alibaba’s past deal with Intime Retail (Group) Co Ltd and China Literature’s acquisition of New Classics Media are in question.
SHANGHAI (Reuters) - China's market regulator said on Monday it will fine Alibaba Group, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan ($76,464.29) each for not reporting deals properly for anti-trust reviews.
The State Administration of Market Regulation said in a statement that it had taken the decision after reviewing deals the firms were involved in, including Alibaba's past deal with Intime Retail (Group) Co Ltd and China Literature's acquisition of New Classics Media.
($1 = 6.5390 Chinese yuan renminbi)
(Reporting by Beijing Newsroom; Editing by Shri Navaratnam)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Dec 14 2020 | 11:14 AM IST