- Alibaba Group Holding Limited BABA and Tencent Holding Ltd TCEHY submitted the algorithm details of some of their products to China's top internet watchdog, Reuters reports.
- The submission was a part of China's sweeping crackdown on the sector.
- The internet platforms faced flak for abusing algorithms to invade user privacy and manipulate their choices.
- The Cyberspace Administration of China (CAC) published a list of 30 algorithms used in some of the country's most popular apps, including Alibaba's Taobao, Tencent's Wechat, Meituan MPNGY, ByteDance's Douyin, and Baidu, Inc BIDU.
- In March, China launched new regulations for algorithm recommendation services and established a filing system requiring firms to disclose what they used in their apps.
- China looked to forbid online addiction and any activity endangering national security by the move.
- Separately, China investigated three former executives connected to the National Integrated Circuit Industry Investment Fund for alleged corruption charges.
- China put at least five chip fund executives under probe for fraud in the past two months.
- Beijing is under pressure to bolster its semiconductor industry as growing U.S. restrictions threaten its chip supply chain.
- Price Action: BABA shares traded lower by 2.21% at $92.77 on the last check Friday.
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