Shares of Chinese tech giants fell on Monday in Hong Kong after Beijing fined some of the country’s biggest internet companies for failing to make proper antitrust disclosures in previous deals. Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Ping An Healthcare & Technology Co., which were named in the latest penalty announcements, fell 6.4%, 2.7% and 4.0%, respectively. Among peers, JD.com Inc. fell 4.7% and Meituan fell 5.5%. The downturn came after China’s top market regulator, the State Administration for Market Regulation, on Sunday published dozens of enforcement penalty decisions for past deals that failed to comply with antitrust filing rules, including several acquisitions by Tencent and Alibaba , two of China’s largest technology companies. companies. Many of the punishments were fines of 500,000 yuan ($74,680) for each non-compliant agreement. The regulator said it would gradually publish more penalty decisions in other cases. Write to Yifan Wang at [email protected]
