China’s State Administration for Market Regulation (SAMR) announced on Wednesday it has doled out fines to units of tech giants Tencent, Bilibili and Alibaba for failure to properly report around 12 deals, reports Reuters.
According to public filings, China’s SAMR, China’s top market regulator, placed penalties of RMB 500,000 ($78,692) on the companies per deal, the maximum under China’s 2008 anti-monopoly law. Alibaba, Bilibili, and Tencent did not immediately respond to requests for comment.
The penalties come amid an ongoing regulatory crackdown on a range of industries in China, with the tech sector as a main target. SAMR in particular has targeted unreported deals involving tech giants. Last November it listed 43 investments that companies failed to report and levied a RMB 500,000 fine for each one.