HONG KONG – China’s market regulator on Monday said it fined Alibaba Group and a Tencent Holdings-backed company for failing to seek approval before proceeding with some acquisitions.
It also is launching a review of a merger of two online streaming platforms in the latest tightening of controls over the internet sector.In a statement, China's State Administration for Market Regulation said Monday that it fined Alibaba 500,000 yuan ($76,500) for increasing its stake in department store company Intime Retail Group to 73.79% in 2017 without seeking approval.