×
27
Fashion Jobs
LEVI'S
Marketing Manager
Permanent · Singapore
GR INTERNATIONAL
e Commerce Executive
Permanent · NEW DELHI
L'OREAL GROUP
na&Sapmena IT Security Grc Manager
Permanent · Singapore
L'OREAL GROUP
Business Development Manager - l'Oreal International Distribution (Lid)
Permanent · Singapore
LEVI'S
Inventory Management Lead, Asia
Permanent · Singapore
LEVI'S
Merchandising Operations Specialist
Permanent · Singapore
LEVI'S
Specialist, Brand Analytics & Tools
Permanent · Singapore
L'OREAL GROUP
Head of Crisis Management Director
Permanent · Singapore
L'OREAL GROUP
Market Insight Apprentice (Sapmena)
Permanent · Singapore
L'OREAL GROUP
Digital & E-Commerce Apprentice (Sapmena)
Permanent · Singapore
LEVI'S
Manager, Global Strategic Sourcing
Permanent · Singapore
LEVI'S
Stylist/ Senior Stylist
Permanent · Singapore
LEVI'S
Head of Diversity, Equity & Inclusion (Ama)
Permanent · Singapore
L'OREAL GROUP
Regional Talent Acquisition & Employer Branding Apprentice
Permanent · Singapore
L'OREAL GROUP
2h2021 - Online Brand Management Intern
Internship · Singapore
L'OREAL GROUP
Data &Analytics Technology Manager
Permanent · Singapore
L'OREAL GROUP
Operations Apprentice
Permanent · Singapore
L'OREAL GROUP
Payment Service Provider Manager - South Apac, Middle East & Africa
Permanent · Singapore
LULULEMON
Key Leader | Marina Bay Sands
Permanent · Singapore
LULULEMON
Key Leader | Singapore Takashimaya Ngee Ann City
Permanent · Singapore
LULULEMON
Educator | Singapore Duxton Road
Permanent · Singapore
LULULEMON
Key Leader | Singapore Duxton Road
Permanent · Singapore
By
Reuters API
Published
Mar 24, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Tencent boss meets China antitrust officials as scrutiny widens

By
Reuters API
Published
Mar 24, 2021

Pony Ma, the reticent founder of Tencent Holdings, China's biggest social media and video games company, met with China's antitrust watchdog officials this month to discuss compliance at his group, two people with direct knowledge said.


Reuters


The meeting is the most concrete indication yet that China's unprecedented antitrust crackdown, which started late last year with billionaire Jack Ma's Alibaba business empire, could soon target other internet behemoths.

Beijing has vowed to strengthen oversight of its big tech firms, which rank among the world's largest and most valuable, citing concerns that they have built market power that stifles competition, misused consumer data and violated consumer rights.

Tencent, whose WeChat messaging and payment mobile app is ubiquitous in the world's second-largest economy, is expected to be the next in line for sharper antitrust regulatory inquiries, said the two people and a third person with direct knowledge of the matter.

News of the meeting, which has not been reported, comes ahead of Tencent's December quarter results on Wednesday. Analysts expect a 42% rise in its quarterly profit, according to Refinitiv data, although the investor focus will be on regulatory developments.

Pony Ma, who had been out of the public eye for more than a year, was in Beijing this month for China's annual parliamentary meeting and visited the State Administration of Market Regulation (SAMR) office the week before last, said the people.

The billionaire Tencent founder is a parliamentary delegate with Guangdong province, where the company is headquartered, and he requested the meeting with SAMR deputy head Gan Lin and other senior officials, said the two people who have direct knowledge.

Tencent and SAMR did not respond to Reuters requests for comment.

At the meeting, the two parties discussed how Tencent, Hong Kong's most valuable stock with a market capitalisation of $776 billion, could better comply with antitrust regulations, said one of the people.

Wu Zhenguo, the head of SAMR's anti-monopoly bureau, who was also at the meeting, expressed concern about some of Tencent's business practices, and asked the group to comply with antitrust rules, said the second person.

The two people said SAMR was gathering information and looking into monopolistic practices by WeChat, and how the super app had possibly squashed fair competition and squeezed smaller rivals.

It was not immediately known if the SAMR officials pointed out to Tencent executives specific cases of non-compliance of antitrust rules by the group, which is the world's largest video gaming firm by revenue.

All the sources declined to be named due to sensitivity of the matter.

© Thomson Reuters 2021 All rights reserved.