Baku 10° C
China fines e-commerce giants
Finance
- 15 December, 2020
- 07:58
China's State Administration for Market Regulation (SAMR) has fined e-commerce giants Alibaba Group and Tencent Holdings $ 76,500 for conducting some business transactions without permission, Report says, referring to foreign media.
According to SAMR, in 2017, Alibaba increased its stake in Intime Retail Group to 73.8% without the state's knowledge, while Tencent Holdings acquired New Classics Media without government approval. In doing so, the companies violated the country's anti-monopoly laws.
Shares of e-commerce giants on international stock exchanges fell by 2.6% after the news of the fine.
Author
Latest News
12:32
Air India Express Flight makes hard landing in Thailand's Phuket
Other countries12:27
Pezeshkian's son denies rumors about Mojtaba Khamenei's health
Region12:23
President of Sudan's Transitional Sovereignty Council expresses concern over drone attack on Azerbaijan
Foreign policy12:14
Photo
Another three Azerbaijani nationals evacuated from Iran
Domestic policy12:06
Mihai Popșoi: Moldova wants to expand presence of Azerbaijani businesses in the country — INTERVIEW
Foreign policy11:59
Photo
Video
Freight train carrying Russian grain for Armenia departs from Bilajari station
Infrastructure11:59
Two drones fall near Dubai airport, four injured
Other countries11:53
Another cargo ship hit by unknown projectile in Strait of Hormuz: UK Maritime Agency
Other countries11:53