China’s market regulator has fined Alibaba and a Tencent-backed company for not making the proper declarations to authorities about past acquisitions, in another sign Beijing is taking a tougher stance on the country’s tech giants.
Alibaba, Tencent-backed China Literature, and Shenzhen Hive Box Technology were each fined 500,000 yuan ($76,463) by the State Administration for Market Regulation (SAMR).
While the fines are small, SAMR’s move signals further intent from Chinese regulators to punish and regulate technology firms, many of which have grown largely unencumbered over the past few years, transforming themselves into key parts of everyday life in China.
Last month, the SAMR published draft rules looking to stop monopolistic practices by internet platforms. It is one of the most wide-sweeping proposals in China to regulate large tech companies.