Benzinga | Nov 29, 2021 08:31AM EST

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 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.