China Fines Alibaba Group for Acquisitions Policy

China fined Alibaba Group Holding and a Tencent Holdings Ltd. unit 500,000 yuan ($76,500), for failing to seek approval before increasing its stake in department store chain Intime Retail Group Co. to 73.79% in 2017, according to CNBC report issued on Monday.

Meanwhile, The fines come after the State Administration for Market Regulation explained their intention to increase scrutiny of China’s largest tech corporations with new anti-monopoly rules.

Moreover, Beijing unveiled draft regulations that establish a framework for curbing anti-competitive behavior such as colluding on sharing sensitive consumer data, alliances that squeeze out smaller rivals and subsidizing services at below cost to eliminate competitors. Shares in Alibaba and Tencent extended losses and closed down more than 2.5%, according to bloomberg.

Noteworthy, Alibaba Group Holdings total purchases for Singles Day passed over $56 billion , a staggering total that achieves the record $10.4 billion spent during Amazon Inc.’s (AMZN).

Singles Day is typically a 24-hour shopping event in China that sees huge discounts across millions of products on e-commerce platforms run by Alibaba, JD.com and other players. It generates more sales than Black Friday.

But this year, retailers JD.com and Alibaba have extended the shopping event. It has run from Nov. 1 and ended on Nov. 12. Also, the consultancy PwC expected the festival to draw over 800 million consumers and 5 million businesses, and said the shopping festival is set to become “the barometer of China’s continued economic recovery.