China’s antitrust watchdog fined Alibaba Group Holding Ltd. and a Tencent Holdings Ltd. unit over a pair of years-old acquisitions and said it’s reviewing an impending Tencent-led merger, signaling Beijing’s
intention to tighten oversight of internet sector deals.
The penalties come after regulators last month declared their intention to increase scrutiny of China’s largest tech
corporations with new anti-monopoly rules. Beijing in November unveiled draft regulations that establish a
framework for curbing anti-competitive behavior such as colluding on sharing sensitive consumer data, alliances
that squeeze out smaller rivals and subsidizing services at below cost to eliminate competitors. Shares in Alibaba
and Tencent extended losses and closed down more than 2.5%.
intention to tighten oversight of internet sector deals.
The penalties come after regulators last month declared their intention to increase scrutiny of China’s largest tech
corporations with new anti-monopoly rules. Beijing in November unveiled draft regulations that establish a
framework for curbing anti-competitive behavior such as colluding on sharing sensitive consumer data, alliances
that squeeze out smaller rivals and subsidizing services at below cost to eliminate competitors. Shares in Alibaba
and Tencent extended losses and closed down more than 2.5%.
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