China's high market regulator on Wednesday has announced that it has penalised units of Alibaba and Tencent along with more number of other companies for failing the anti-monopoly regulations regarding the disclosure of transactions.

HIGHLIGHTS
Alibaba and Tencent were fines for failing deals
China's SAMR had put penalties of 500,000 yuan on the different companies
Tech giants were mainly targeted to target the unreported deals

As per the public filings, China's State Administration for Market Regulation (SAMR) had put penalties of 500,000 yuan ($78,692) on the different companies according to per deal most of these were basically under the China's 2008 anti-monopoly law.

Around 28 transactions were there which broke the rules was especially published by the SAMR. According to the reports, almost 5 Alibaba entities were there which got engaged along with a 2021 purchase of ownership in its subsidiary, the streaming service was Youku Tudou. Well, 12 of the transactions on SAMR’s list had involved Tencent.

Alibaba, Bilibili, and Tencent had not responded immediately to the requests for comment.

The penalties had come amid an ongoing regulatory crackdown on a variety of industries in China, keeping the tech sector as a main target.

SAMR was particularly seen to target the unreported deals which would involve the tech giants as main targets. During the last November, 43 investments were listed that the companies have been failed to report and levied a 500,000 yuan fine for each and every one.

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