According to public filings, China's State Administration for Market Regulation placed penalties of 500,000 yuan on the companies per deal, the maximum under China's 2008 anti-monopoly law.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 500,000 yuan fine for each one. [L1N2SB01Y[.Reporting by Josh Horwitz; Editing by Kim CoghillSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Wow! Xi isn't letting up any time soon with his take down of the Chinese billionaires
That's what happens when you don't pay Xi his bribes
Really... I keep getting their spam.