- China's State Administration for Market Regulation (SAMR) penalized Alibaba Group Holding Ltd BABA, Tencent Holdings Ltd TCEHY, and Bilibili Inc BILI 500,000 yuan ($78,692) per deal for improper disclosure of a dozen of deals, Reuters reports.
- The penalties mark a maximum under China's 2008 anti-monopoly law.
- Related Content: Why Alibaba, Tencent, Baidu, Bilibili Shares Are Trading Lower Today
- SAMR, in particular, has targeted unreported deals involving tech giants.
- Last November, SAMR listed 43 investments that companies failed to report and levied a 500,000 yuan fine for each one.
- Price Action: BABA shares traded higher by 1.14% at $118.20 in the premarket session on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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