Citing two sources, Reuters reported that China will issue a hefty fine to Tencent as part of its anti-monopoly sanctions against the Internet giant, and that Tencent faces a fine of at least 10 billion yuan, down from Alibaba’s earlier fine of 18.228 billion yuan.
Sources said Tencent was punished for “failing to properly report past acquisitions and investments” in the anti-monopoly review, as well as for anti-competitive behavior in certain businesses, particularly in the music streaming business, with fines of up to RMB500,000 in each case.
Neither China’s State Administration of Market Supervision nor Tencent has responded to Reuters’ questions.
Sources close to the matter said the regulators have different attitudes toward Alibaba and Tencent, which are not the biggest targets, but since anti-monopoly actions are underway, it is impossible not to punish Tencent.
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