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Benzinga
Benzinga
Politics
Anusuya Lahiri

Read Why China Penalized Alibaba, Tencent, Bilibili

  • China's State Administration for Market Regulation (SAMR) penalized Alibaba Group Holding Ltd (NYSE:BABA), Tencent Holdings Ltd (OTC:TCEHY), and Bilibili Inc (NASDAQ: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.
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