Chinese authorities are planning to impose a hefty fine on tech company Tencent, as part of a tougher approach to the country’s tech sector. Sources tell the Reuters news agency.
It is said to be a fine of at least 10 billion yuan, or 1.3 billion euros. This is less than the recently imposed fine of more than 18 billion yuan Alibaba web store Because of monopolistic practices. According to insiders, the fine imposed on Tencent is related to incorrect reporting of acquisitions and investments from the past to the regulators as well as anti-competitive practices in streaming music.
Tencent may also have to sell several music apps and some exclusive music rights. The company is a major player in the Chinese music market. Amsterdam-listed tech investor Prosus is a major shareholder of Tencent.
Chinese authorities have tightened controls on companies like Alibaba and Tencent for some time. Beijing has decided to take tougher measures against large companies with so much power that until recently were bound by few rules.
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