China’s Alibaba, Tencent unit fined under anti-monopoly law

China’s Alibaba, Tencent unit fined under anti-monopoly law

China's Alibaba, Tencent unit fined under anti-monopoly law

China's Alibaba, Tencent unit fined under anti-monopoly law

Alibaba was fined 500,000 yuan ($76,500) for increasing its stake in department store company Intime Retail Group to 73.79 percent in 2017 without seeking approval. (AFP)

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China's Alibaba, Tencent unit fined under anti-monopoly law

Moves come amid stepped up scrutiny of monopolistic behavior by Internet companies

Updated 14 December 2020

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HONG KONG: China's market regulator on Monday said it fined Alibaba Group and a Tencent Holdings-backed company for failing to seek approval before proceeding with some acquisitions.

It also is launching a review of a merger of two online streaming platforms in the latest tightening of controls over the Internet sector.

In a statement, China's State Administration for Market Regulation said Monday that it fined Alibaba 500,000 yuan ($76,500) for increasing its stake in department store company Intime Retail Group to 73.79 percent in 2017 without seeking approval.

China Literature, an online publisher and e-book company spun off by Tencent, was fined the same amount for also not seeking approval for its acquisition of New Classics Media. Separately, Shenzhen Hive Box, backed by Chinese courier firm SF Express, was censured over its acquisition of China Post Smart Logistics.

China's market regulator is