(Yicai Global) Dec. 14 -- Shares of Alibaba Group Holding and two other internet companies fell after China’s market regulator fined them CNY500,000 (USD76,400) each for failing to fully declare past acquisitions, in a further sign of government efforts to crack down on monopolistic practices in the sector.

The State Administration for Market Regulation punished Alibaba for failing to request its consent before lifting its stake in Intime Retail Group, Tencent-backed online reading platform China Literature for buying New Classics Media, and express self-pickup firm Shenzhen Hive Box Technology for its acquisition of China Post Smart Logistics Technology, known as Sudiyi.

Alibaba [HKG: 9988] closed 2.6 percent lower today at HKD251.60 (USD32.46), while China Literature [HKG: 0772] sank 4.1 percent to HKD55.85, and Tencent Holdings [HKG: 0700] lost 2.9 percent to HKD571. Shares in Hive Box's controlling shareholder SF Holding [SHE: 002352] were little changed, gaining 0.3 percent to CNY78.50 (USD12).

The fines are relatively low, but they send a signal about the intent to strengthen anti-monopolhivey practices in the internet field, said a source at the SAMR.

Resources have accumulated in the hands of a small number of leading companies after China's digital economy developed vigorously in recent years, the source said. The SAMR published draft anti-monopoly rules governing the platform economy last month.

Alibaba began investing in Intime Retail as early as 2014 and became its controlling shareholder, with a 74 percent stake, in 2017. China Literature invested CNY15.5 billion (USD2.4 billion) to acquire New Classics Media in 2018. Hive Box completed the takeover of Sudiyi this May.

Alibaba told Yicai Global today that it will act in accordance with policy guidelines and requirements.

Editor: Tom Litting