China fines tech giants over anti-monopoly violations

BEIJING (AP) — China’s market regulator has fined tech giants including Alibaba Group and Tencent Holdings for failing to report corporate acquisitions. The moves add to an anti-monopoly crackdown by the ruling Communist Party. The State Administration for Market Regulation said the companies failed to report 43 acquisitions that occurred up to eight years ago under rules on “operating concentration.” Each violation carries a penalty of 500,000 yuan ($80,000). Beijing has launched anti-monopoly, data security and other crackdowns on tech companies since late 2020. The ruling party worries the companies have too much control over their industries and has warned them not to use their dominance to gouge consumers or block entry to new competitors.