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Miguel Cordon · · 1 min readSources: Tencent is next in line to face Chinese antitrust regulators
“Pony Ma’s Tencent has been put on notice. Asia’s largest conglomerate was censured by China’s antitrust watchdog on Friday as Beijing expands a crackdown that began with Jack Ma’s online empire,” Bloomberg reported citing people familiar with the situation.
Details:
- Tencent is next in line for China’s crackdown on local fintech giants and will probably be required to set up a holding company to umbrella its financial services, one source said.
- The internet titan said it plans to continue adapting to China’s shifting regulatory environment and would like to ensure its full compliance.
Context:
- Jack Ma’s Ant Group has recently faced similar clamp down measures in China, which hampered it’s would be blockbuster IPO.
- The sources said that Ant and Tencent will set a precedent for other Chinese companies in the financial services space on complying with stricter local rules.
Edited by Collin Furtado
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