2023-07-07 14:56:41 ET
- Chinese tech giant Tencent ( OTCPK:TCEHY ) said that it, along with is payment unit, Tenpay, were fined roughly $410M for what the company described as "past regulatory breaches."
- In a filing signed by Tencent ( OTCPK:TCEHY ) Chairman Ma Huateng, the company said that the People's Bank of China had decided to impose a fine of roughly 2.99B RMB, or $410M, relating to breaches concerning payment services in mainland China.
- Tencent ( OTCPK:TCEHY ) said it does not expect the fine to have any material impact on its operations or its financial position.
- The full text of the PBOC's decision can be found here.
- Along with Tencent, Alibaba's ( BABA ) Ant Group was hit with a $985M fine by the central bank, relating to violations of several laws and regulations.
- Tencent ( OTCPK:TCEHY ) shares were up more than 4% in late Friday trading.
For further details see:
Tencent, payments unit fined $410M by China for 'regulatory breaches'