China’s Internet Clampdown Hits Alibaba But Spares Tencent

Chinese e-commerce giant Alibaba appears to be bearing the brunt of the impact from the country’s toughening regulatory environment, with analysts predicting that it may be compelled to lower the fees it charges the merchants on its platforms.

Shares of the Hangzhou-based company ended the week down 11.4% in Hong Kong, while Tencent finished lower by 3.3%. Beijing unveiled a set of anti-trust rules on Tuesday that could give regulators wide-ranging powers to rein in the market influence of internet titans. The announcement sent shares tumbling, with Chinese tech companies losing almost $290 billion in market value over two frenetic days of trading.

The draft regulations, for example, stipulate that platform operators can’t force merchants to agree to exclusive

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Tencent Climbs After Reassurances on China’s Internet Clampdown

(Bloomberg) — Tencent Holdings Ltd. rose more than 2% after reassuring investors about an antitrust crackdown by Chinese regulators, in the most extensive public remarks by any of the country’s major technology companies since proposed regulations hammered their stocks this week.

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President Martin Lau provided the company’s best assessment of a regulatory paper released just two days earlier, after Tencent reported 29% revenue growth in the third quarter from a Covid-era boom in gaming demand. He explained the WeChat-operator supports the government’s goals of fair competition and its social media and entertainment empire operates within competitive fields. He also made clear the company will comply with regulators’ policies.

Beijing on Tuesday proposed new rules intended to curb monopolistic practices across its internet landscape, spooking investors and wiping $290 billion off the value of market leaders from Tencent to Alibaba Group Holding Ltd. over two days. That followed new

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Tencent Reassures Investors Spooked by China Internet Clampdown

(Bloomberg) — Tencent Holdings Ltd. cautiously reassured investors about an antitrust crackdown by Chinese regulators, in the most extensive public remarks by any of the country’s major technology companies since proposed regulations hammered their stocks this week.

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President Martin Lau provided the company’s best assessment of a regulatory paper released just two days earlier, after Tencent reported 29% revenue growth in the third quarter from a Covid-era boom in gaming demand. He explained the WeChat-operator supports the government’s goals of fair competition and its social media and entertainment empire operates within competitive fields. He also made clear the company will comply with regulators’ policies.

Beijing on Tuesday proposed new rules intended to curb monopolistic practices across its internet landscape, spooking investors and wiping $290 billion off the value of market leaders from Tencent to Alibaba Group Holding Ltd. over two days. That followed new regulations governing the fintech

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Tencent Ready to Make Case It Can Ride Out China Internet Storm

(Bloomberg) — Tencent Holdings Ltd. joined Alibaba Group Holding Ltd. and much of China’s internet sector in a $290 billion selloff after Beijing signaled its strongest intentions yet to rein in Big Tech. Yet the social media and gaming giant is in some ways better shielded than its peers from any potential crackdown.

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Executives unfurling earnings Thursday will seek to reinforce perceptions Tencent isn’t in the same boat as fintech giant Ant Group Co., the Alibaba affiliate forced to call off what would’ve been the world’s largest initial public offering after Beijing tightened its control of online lending. Citigroup and JPMorgan were among brokerages that recommended investors buy Tencent during the sell-off.

For years, Tencent had been the more sedate runner-up to Jack Ma’s splashy Ant in the burgeoning field of internet finance, focusing more on bread-and-butter mobile payments via WeChat while ensuring enough capital to back up

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Tencent Surges After U.S. Court Upholds Stay on WeChat Ban

(Bloomberg) — The Trump administration lost a bid to enforce its prohibitions against the Chinese-owned “super app” WeChat in the U.S. after appealing a judge’s ruling that the ban probably violates the free-speech rights of its users.

Upholding a trial judge, the U.S. Court of Appeals in San Francisco on Monday rejected the administration’s request for a stay of the preliminary injunction that prevents the administration from enforcing a wide range of measures, including barring the app from Apple and Google’s app stores for U.S. downloads, over purported national security concerns. Shares of WeChat owner Tencent Holdings Ltd. jumped as much as 3.1%, the most in two weeks, on Tuesday to an intraday record in Hong Kong trading.

The Trump administration has claimed that WeChat is a threat because Tencent is intertwined with the Chinese Communist Party, which can use the app to disseminate propaganda, track users, and steal their

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