Alibaba fined in China for not reporting deals
Apart from Alibaba, Tencent-backed China Literature, and Shenzhen Hive Box Technology were each fined 500,000 yuan
Stocks impacted: Alibaba Group (9988), Tencent Holdings Ltd. (0700)
China’s market regulator has fined Alibaba for not making the proper declarations to authorities about past acquisitions. Apart from 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. In particular, Alibaba was fined for failing to seek approval before increasing its stake in department store chain Intime Retail Group Co. to 73.79% in 2017. Alibaba had led a $2.6 billion buyout of Intime as part of efforts to develop new business models that combine e-commerce with brick-and-mortar retailing. Tencent and Alibaba’s Hong Kong-listed shares were lower by over 2.5% each after the announcement.
Make profit on it right now!