Lower than Alibaba Tencent also fears huge antitrust fines

Tencent fears huge anti-monopoly fine of 10 billion yuan.

Reuters reported on the afternoon of May 29 that according to two sources familiar with the matter, mainland antitrust authorities are preparing to issue a hefty fine to Tencent, which is expected to be at least 10 billion yuan (about 43 billion Taiwan dollars, $1.54 billion), down from the record $2.75 billion imposed on Alibaba earlier this month.

Sources said Tencent’s fine should be at least 10 billion yuan (about 43 billion Taiwan dollars), an amount large enough to make an example of the State Administration of Market Regulation (SAMR).

The sources said Tencent was punished for previous acquisitions and investments that did not follow the normal filing procedures for antitrust approval, in addition to competition-violating practices in certain business operations.