China slaps antitrust fines on companies including Alibaba, Tencent

China's market regulator on Wednesday fined 22 companies for violating anti-monopoly rules in 22 mergers and acquisitions deals they made without seeking regulatory approval in advance.

The State Administration for Market Regulation (SAMR) slapped a fine of 500,000 yuan (about $77,360) on each companies for the deals they were evolved, including Alibaba's purchase of Guangzhou F.C., Tencent taking a controlling stake in Xingin International Holding Limited, and Suning.com and Bank of Nanjing starting a joint venture.

All the cases were found to have caused an unlawful concentration of business operations, although they were not considered to have limited or restricted competition.

The SAMR ruled companies have to restore to the state before concentration.

China issued antitrust guidelines on the country's platform economy in February, signaling stricter antitrust enforcement against monopolistic behaviors in the country's internet platform sector.