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home / news releases / BABA - Baidu Tencent back in crosshairs of Chinese antitrust regulators

BABA - Baidu Tencent back in crosshairs of Chinese antitrust regulators

Alibaba Group Holding Limited American Depositary Shares each representing one
Baidu (BIDU), Tencent ([[TCEHY]],[[TCTZF]]), Didi (DIDI), and SoftBank ([[SFTBF]],[[SFTBY]]) were among 12 companies fined $77,000 each by China's State Administration for Market Regulation for violating unspecified antitrust rules. Tencent says it will rectify its operations and provide SAMR with timely reports on deals going forward.The small fine isn't going to damage any of the companies financially, but the action is another reminder of the heightened antitrust scrutiny facing Chinese tech companies.Tencent is reportedly the next target of Chinese regulators after the crackdown on Jack Ma's fintech Ant Group. Tencent could be required to create a financial holding company for its banking, insurance, and payments services, according to Bloomberg sources.Baidu ADRs are down 2.4% pre-market. Alibaba (BABA) is down 2.5%.Yesterday, a report suggested Chinese regulators were considering a record antitrust fine against Alibaba but would take a softer hand if the company distances itself from affiliate Ant Group former chairman Jack Ma.

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Baidu, Tencent back in crosshairs of Chinese antitrust regulators
Stock Information
Company Name: Alibaba Group Holding Limited American Depositary Shares each representing one
Stock Symbol: BABA
Market: NYSE
Website: alibabagroup.com
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