Alibaba had led a US$2.6 billion buyout of Intime as part of efforts to develop new business models. - Reuters
BEIJING (Bloomberg): Chinese regulators fined Alibaba Group and a Tencent Holdings unit 500,000 yuan (US$76,500) each over failing to declare past acquisitions under the country's anti-monopoly laws.
Alibaba should have sought approval from the State Administration for Market Regulation before increasing its stake in department store chain Intime Retail Group to 73.79 per cent in 2017, according to a statement Monday.
