The crackdown on Chinese tech groups is not over yet. A fresh round of regulatory fines for Alibaba and Tencent marks the end of a shortlived relief rally.
The regulator has targeted the two groups for not properly disclosing past deals and failing to comply with anti-monopoly rules. Of 28 deals it says violated regulations, Tencent was involved in 12 and Alibaba five.
A 6 per cent drop for Alibaba’s share price may seem an overreaction given the size of the fines. The maximum for each case is just Rmb500,000 (slightly less than $75,000).
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