Alibaba has once again fallen foul of the Chinese government and has been fined 500,000 yuan (£57,000) for failing to submit relevant paperwork during an acquisition deal.
In the government’s latest bid to curb the dominance of Chinese tech giants, Alibaba, WeChat owner Tencent and Shenzhen Hive Box Technology have all been fined in relation to previous takeover deals.
China’s market regulator, the State Administration for Market Regulation (SAMR), said the fines weren’t related to competition threats, but rather because the companies failed to provide the correct paperwork for clearance.
