Chinese tech stocks rally after anti-monopoly pledge as regulators sharpen claws

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A antheral holding a telephone walks past a motion of Chinese institution ByteDance's app TikTok, known locally arsenic Douyin, astatine the International Artificial Products Expo successful Hangzhou, Zhejiang province, China October 18, 2019.

Reuters

Regulators fined Alibaba a grounds $2.8 billion implicit the play for stifling contention successful online retail, past met with affiliate Ant connected Monday and ordered it to restructure arsenic a financial holding company.

Then connected Tuesday, the State Administration for Market Regulation warned 34 Chinese "internet platforms" successful a meeting to larn from the crackdown connected Alibaba and taxable a program for compliance with anti-monopoly practices wrong a month.

Chinese regulators person focused their attraction successful caller months connected Jack Ma's e-commerce elephantine and its fintech affiliate Ant Group, whose elephantine IPO was abruptly suspended successful November. Authorities had begun investigating Alibaba successful December, chiefly for a signifier of forcing merchants to take 1 of 2 platforms, alternatively than allowing them to enactment with both.

The details of the 12 firm pledges released Wednesday varied by enactment of business, and mostly discussed efforts to enactment just contention and extortion of user data. The companies listed included Baidu, JD.com, Meituan, antivirus bundle institution Qihoo 360, Twitter-like societal media level Sina Weibo, TikTok genitor ByteDance, radical buying e-commerce tract Pinduoduo, electronics retailer Suning and e-commerce institution Vipshop.

The announcements are the archetypal successful a bid of specified pledges acceptable to travel implicit the adjacent 3 days, the regulator said.

Other U.S. oregon Hong Kong-traded names mentioned successful Tuesday's database of 34 net platforms that were not included successful Wednesday's archetypal circular included iQiyi, Bilibili, Kuaishou, Mogu and 58.com.

— CNBC's Arjun Kharpal contributed to this report.