Tencent vows to work with regulators

Tencent Holdings pledged to work with Beijing and management an growth into the fintech enviornment, to guarantee it stays compliant as the federal government escalates oversight over the Chinese web business.

Beijing on Tuesday proposed new legal guidelines meant to curb monopolistic practices and rein within the nation’s big web business, spooking buyers and wiping $290 billion off the worth of market leaders from Tencent to Alibaba Group over two days. President Martin Lau advised analysts on an earnings convention name Thursday the corporate will proceed to preserve a prudent technique, and that the envisioned antitrust guidelines have a tendency to focus extra on transaction-based platforms than on Tencent’s core enterprise of social media and gaming.

© 2020 Bloomberg


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