China Commands Tech Giants To Resolve Anticompetitive, Security Matters: WSJ

July 26, 2021 12:12 PM | 1 min read | Make a Comment

China's Ministry of Industry and Information Technology directed the domestic internet giants to fix certain anticompetitive practices and data security threats, the Wall Street Journal reports.
The telecommunication and industry policies watchdog proposed a new six-month rectification program to rectify multiple industry issues.
The issues included malicious blocking of website links to other company sites and products to lock out competitors of major tech ecosystems.
Recently, Alibaba Group Holding Ltd BABA and Tencent Holdings Ltd TCEHY proposed gradually opening up their services to one another amid the regulatory crackdown.
Price action: BABA shares were trading lower by 6.79% at $192.53, and TCEHY shares traded lower by 7.68% at $61.75 on the last check Monday.