Many techs in China, including Alibaba, Tencent. Fined companies

Accused of failing to provide information on 43 acquisitions eight years ago

Technology companies fined Rs 59 lakh for each offense under anti-monopoly proceedings

BEIJING: Technology companies in China are facing increasing difficulties. The government has fined several technology giants, including Alibaba Group and Tencent Holdings, under anti-monopoly action. This penalty is for non-disclosure of corporate acquisitions.

According to the State Administration for Market Regulation, companies have failed to report 43 acquisitions eight years ago under the rules of 'Optional Concentration'. The government department said in a statement that a fine of 5 lakh yuan (about Rs 59 lakh) was imposed for each violation.

The culprits include Alibaba Group, Tencent, online retailer JD.com Inc., Sunning Limited and search engine operator Baidu Hub. The acquisition in 2013 involved network technology, mapping and medical technology assets. Notably, the Chinese government has cracked down on anti-monopoly, data security and other issues of technology companies operating there.