Alibaba, Tencent's e-book subsidiary fined in China

BEIJING: China's market regulator on Monday said it is imposing a fine on Alibaba, Tencent's e-book arm China Literature, and Shenzhen Hive Box for failing to report past acquisitions of smaller competitors for anti-trust reviews. Each of the technology companies are subject to a fine of 500,000 yuan ($76,000), according to the notice.

According to a report in South China Morning Post, Tencent owns a 59 per cent stake in China Literature and SF Holding owns a stake in Hive Box's parent company. (IANS)

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