China regulator imposes fine on Alibaba, Tencent for disclosure violations

China regulator imposes fine on Alibaba, Tencent for disclosure violations

Alibaba, Tencent and Taiwan Semiconductor Manufacturing Co. each joined the ranks of Asia's top 10 companies by quarterly net profit. (Nikkei montage/Photos by Reuters

China has imposed fines on technology giants Alibaba and Tencent as well as a range of other firms for failing to comply with anti-monopoly rules on the disclosure of transactions, the country’s market regulator said on Sunday.

The State Admnistration for Market Regulation (SAMR) released a list of 28 deals that violated the rules. Five involved units of Alibaba, including a 2021 purchase of equity in its subsidiary, the Youku Tudou streaming platform.

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