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Deal
China’s market regulator said Monday that it will fine Alibaba Group, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan (US $ 76,464.29) each for failing to adequately report the agreements for antitrust reviews.
FILE PHOTO: An Alibaba Group logo is seen during the Alibaba Group’s 11/11 Singles Day global shopping festival at a media center in Hangzhou, Zhejiang province, China on November 10, 2020. REUTERS / Aly Song / File Photo
SHANGHAI: China’s market regulator said Monday that it will fine Alibaba Group, China Literature, backed by Tencent Holdings, and Shenzhen Hive Box, 500,000 yuan (US $ 76,464.29) each for failing to adequately report bids for companies. antitrust reviews.
The State Administration for Market Regulation said in a statement that it had made the decision after reviewing deals the companies were involved in, including Alibaba’s previous deal with Intime Retail (Group) Co Ltd and the acquisition of New Classics Media by China Literature.
(Beijing Newsroom report; Edited by Shri Navaratnam)
