(Yicai Global) July 7 -- Chinese authorities today revealed details of 22 rule-breaking mergers and acquisitions in the internet sector, many of which involved Alibaba Group Holding, Tencent Holdings and Didi Chuxing. 

E-commerce giant Alibaba was involved in six deals that violated the rules, according to a statement from the State Administration for Market Regulation. They included the Hangzhou-based firm’s acquisition of a half stake in Tianxianpei, a fresh milk delivery platform affiliated with China Mengniu Dairy, in 2019 and its purchase of Shanghai-based dairy products company Theland in 2017.

The firms involved in these M&As failed to provide advance details to the anti-monopoly agency, as required by the rules, the SAMR said. Alibaba faces fines totaling CNY3 million (USD464,000), with the penalty for each case being CNY500,000. 

Internet and online gaming titan Tencent was fined for five deals, which involved classified platform 58.Com, e-commerce platform Xiaohongshu and search engine developer Sougou. Ride-hailer Didi Chuxing was punished for eight transactions, including setting up joint ventures with carmakers FAW Group and BAIC BJEV.

The SAMR has released details of rule-breaking M&As in the internet sector three times since China officially issued anti-monopoly guidelines for the platform economy in February, involving a total of 41 cases. 

Editor: Tom Litting