Tencent fine will be at least 10 billion yuan

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The Chinese internet giant Tencent, in which Prosus holds a great interest, is about to receive a hefty fine from the Chinese competition authorities. News agency Reuters reported this on Thursday based on two sources.

It is reported that Tencent has to brace himself for a fine of at least 10 billion yuan, or about 1.3 billion euros.

Alibaba previously received a fine of more than 2.3 billion euros. Top man Jack Ma aroused the resentment of the authorities after he criticised the Chinese regulator in October last year.

Tencent and Alibaba are the major technology companies of China. Prosus, listed on the Amsterdam Stock Exchange, holds a 28.9 percent stake in Tencent.

The Tencent share raced just 1 percent higher on the Hong Kong Stock Exchange this morning.

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