China Penalizes Tencent's Tenpay By $0.44M

November 29, 2021 8:30 AM | 29 seconds read | Make a Comment

The State Administration of Foreign Exchange (SAFE) Shenzhen branch has penalized Tencent Holdings Ltd's TCEHY online payment platform, Tenpay, 2.78 million yuan ($0.44 million) for breaching foreign exchange norms, Reuters reports.
The FX regulator also warned Tenpay and ordered it to rectify the violations and confiscate illegal gains.
Tenpay formulated an improvement plan and rectified them.
Tenpay would further strengthen compliance management under the guidance of SAFE's Shenzhen branch.
Price Action: TCEHY shares traded lower by 1.13% at $59.31 in the premarket session on the last check Monday.

Posted In: Government News Regulations Tech Media Briefs Reuters

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