Rebecca Davis editorChina is preparing to hit Tencent Holding Ltd. with a fine of at least $1.54 billion (RMB10 billion) as part of a larger antitrust crackdown on its major internet firms, according to a report in Reuters.
That sum would be large enough to serve as a strong warning to the industry, but less than the record $2.75 billion penalty fine slapped on Alibaba earlier this month.China’s State Administration of of Market Regulation (SAMR) is investigating Tencent for anticompetitive practices, probing its music-streaming business and Tencent Music Entertainment Group (TME) in particular, according to the report.
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