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China fines Alibaba, Tencent’s e-book subsidiary over anti-trust violations – TechCrunch

The Chinese government is moving to curb the power of some of China’s most influential internet companies. The country’s top market regulator announced Monday that it is fining Alibaba and China Literature, Tencent’s e-book spinoff, for failing to report their past acquisition deals for clearance. The cases involve Alibaba’s equity investments in major Chinese mall […]

  • The Chinese government is moving to curb the power of some of China’s most influential internet companies.
  • The country’s top market regulator announced Monday that it is fining Alibaba and China Literature, Tencent’s e-book spinoff, for failing to report their past acquisition deals for clearance.
  • The cases involve Alibaba’s equity investments in major Chinese mall operator Intown and China Literature’s acquisition of film studio New Classics Media.
  • The firms are each subject to a fine of 500,000 yuan ($76,000), according to the notice.
  • Alibaba has in recent years been expanding into offline retail, in part through aggressive acquisitions.

TECHCRUNCH.COM14 Dec, 2020

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