China has slapped sanctions on firms including Alibaba and Tencent for violation of anti-monopoly regulations, on Wednesday.
China’s State Administration for Market Regulation (SAMR) has fined 22 companies for mergers and acquisitions made without prior approval from the regulator, state media reported.
The SAMR fined each company 500,000 yuan ($77,000) including Alibaba for its purchase of Guangzhou F.C. while Tencent for its controlling stake in Xingin International Holding Limited.
China said it will tighten anti-monopoly regulations this year, particularly in tech industries.
Earlier this week, China banned the country’s ride-hailing giant Didi saying it violated laws on collecting and using personal information.
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