- The State Administration of Foreign Exchange (SAFE) Shenzhen branch has penalized Tencent Holdings Ltd's (OTC: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.
China Penalizes Tencent's Tenpay By $0.44M
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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