CHINA-ECONOMY: CHINESE TECH COMPANIES WATCHING HOW ANT GROUP AND TENCENT RESPOND TO NEW REGULATIONS

Caixin (May 29) reported that China’s big tech companies, which made aggressive forays into financial services, all now have their eyes firmly fixed on the sector’s two dominant players — Ant Group Co. Ltd. and Tencent Holdings Ltd. — and how they are following regulators’ orders to overhaul their multibillion-dollar financial operations. It said the cascade of new rules and regulatory actions that have fallen on the country’s fintech industry since late last year mark a widening crackdown on the unbridled expansion by tech groups into financial services. They underscore growing concern among the authorities over potential systemic risks to financial stability and the outsized market power these companies have now built up.





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