Chinese business regulator fines three tech giants

China's market regulator said it fined units of Alibaba Group Holding Ltd, Tencent Holdings Ltd and Bilibili Inc. Because the three giant technology companies in the Bamboo Curtain country failed to report dozens of their deals.

According to public documents, Wednesday (5/1/2022) China's State Administrator for Market Regulation (SAMR) imposed a fine of 500 thousand yuan or 78.692 US dollars for any unreported deals .

The fine is the maximum penalty for China's 2008 anti-monopoly law.

Alibaba, Bilibili and Tencent did not immediately respond to requests for comment. This punishment was given when the Chinese government was aggressively cracking down on various industries in the country. The technology sector is the main target.

SARMs specifically target deals that are not reported by the tech giants. Last November, there were 43 investments that were not reported by the company and each investment was subject to a fine of 500,000 yuan

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