Mar 16, 2021
China's tech giants fall under regulator's pressure
China's State Administration for Market Regulation on Friday said it had fined 12 companies over 10 deals that violated anti-monopoly rules. Investors appear to be worried that Tencent could be the next company in the crosshairs of China's regulators, who have taken an increasing interest in how major tech companies operate. According to state broadcaster CCTV, China's President Xi Jinping ordered regulators on Monday to step up their oversight of internet companies, crack down on monopolies and promote fair competition. Additonal rules introduced last month were aimed at stopping China's e-commerce market leaders from abusing their dominant market position. Tencent is one of China's biggest tech companies, with more than a billion users on its WeChat messaging platform.
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