Read Why China Penalized Alibaba, Tencent, Bilibili

January 5, 2022 6:42 AM | 1 min read |

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.