The Chinese authorities plan to impose a hefty fine on technology company Tencent as part of the much stricter approach to the tech sector in the country. Sources say that to Reuters news agency.
It is said to be a fine of at least 10 billion yuan or 1.3 billion euros. That is less than the fine of more than 18 billion yuan recently imposed on online store Alibaba for monopoly practices.
According to the insiders, the fine for Tencent is related to the incorrect reporting of acquisitions and investments from the past to regulators and also anti-competitive practices in music streaming.
Tencent may also be forced to sell various music apps and certain exclusive music rights. The company is a significant player in the Chinese music market.
