- 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
The State Administration of Foreign Exchange (SAFE) Shenzhen branch has penalized Tencent Holdings Ltd’s (OTC:TCEHY) online payment platform, Tenpay, 2.78…
