China fines Alibaba, Tencent unit under anti-monopoly laws

China's State Administration for Market Regulation fined Alibaba 500,000 yuan (RM309,647) for failing to seek approval before increasing its stake in department store chain Intime Retail Group Co to 73.79% in 2017, while China Literature Ltd, the e-books business spun off by Tencent, was also censured over a previous deal, according to a statement. — Bloomberg

China’s antitrust watchdog fined Alibaba Group Holding Ltd and a Tencent Holdings Ltd unit over a pair of years-old acquisitions and said it’s reviewing an impending Tencent-led merger, signaling Beijing’s intention to tighten oversight of Internet sector deals.

The State Administration for Market Regulation said Monday it’s reviewing the combination of DouYu International Holdings Ltd with Huya Inc, which could create a Chinese game streaming leader akin to Amazon’s Twitch. It fined Alibaba 500,000 yuan (RM309,647) for failing to seek approval before increasing its stake in department store chain Intime Retail Group Co to 73.79% in 2017, while China Literature Ltd, the e-books business spun off by Tencent, was also censured over a previous deal, according to a statement.