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Alibaba and Tencent fined $76k each

Alibaba and Tencent fined $76k each

China’s State Administration for Market Regulation fined two of the largest Internet companies in its country for not notifying the regulator about increasing shares in publishing companies. The notice said that the companies violated China’s new Anti-Monopoly Law. Each company was fined RMB 500,000, which is about $76,500.

Kenneth
Kenneth
Tim Baker
Tim Baker 1 months

76,000 eh? Sounds like the money they'd wipe their asses with.

Robert_Clearwater
Robert_Clearwater 1 months

Nobody does anything in China without the approval of the government. I doubt very seriously these businesses have enough free will to make the wrong decisions. This smells like a PR stunt to make it appear to the rest of the world that China is a free market society and not a state-owned operation, in line with tourism trips to Wuhan and claiming the virus originated in India.

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