Shares of Chinese tech giants fell in Hong Kong on Monday, after Beijing fined some of the country’s largest internet companies for failing to make proper antitrust declarations on previous deals.
Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Ping An Healthcare & Technology Co., which were named in the latest executive punishment notices, respectively fell 6.4%, 2.7% and 4.0%. Among peers, JD.com Inc. was down 4.7% and Meituan shed 5.5%.
The downturn came after China’s top market regulator, the State Administration for Market Regulation, on Sunday posted dozens of executive penalty decisions for earlier transactions that have failed to comply with antimonopoly declaration rules, including several acquisitions by Tencent and Alibaba, two of China’s largest tech companies. Many of the punishments were a 500,000 yuan ($74,680) fine for each noncompliant deal.
The regulator said it will gradually publish more penalty decisions on other cases.