By Yifan Wang
China has fined several of the country’s largest tech giants for violations of anti-monopoly laws by failing to properly report certain acquisition and investment deals.
China’s top market regulator, the State Administration for Market Regulation, said Wednesday that it found antitrust violations in more than a dozen deals involving Tencent Holdings Ltd., Alibaba Group Holding Ltd., JD.com Inc. and Bilibili Inc., some of the country’s most valuable internet companies. The regulator said it fined the companies 500,000 yuan ($78,680) for each violation.
Alibaba, Bilibili, and Tencent didn’t immediately respond to requests for comment.
The penalties come a day after Beijing passed two key new regulations for China’s tech industry, triggering a sector-wide selloff.
Tech losses deepened in Hong Kong on Wednesday. The Hang Seng TECH Index was down 4.0% in early afternoon trade after sliding to the lowest point since its launch earlier in the day. Bilibili dived 9.0%, Tencent was down 3.8%, JD.com shed 6.3% and Alibaba edged down 0.9%.
Write to Yifan Wang at yifan.wang@wsj.com
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