After Alibaba, Beijing’s efforts to rein in fintech could center on rival Tencent ...Middle East

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After Alibaba, Beijing’s efforts to rein in fintech could center on rival Tencent
Since November, Alibaba has been at the center of a crackdown by Beijing that has included halting the monster IPO of its fintech affiliate Ant Group, and unveiling new antimonopoly rules for tech giants. The developments have seen tens of billions of dollar wiped off its market cap.But in recent days, fears are deepening that regulatory scrutiny that seemed squarely centered on Jack Ma’s e-commerce and fintech groups could turn to Alibaba’s rival, Tencent. The social media firm on Friday (March 12) was fined under antitrust rules for a past investment into an app, while Bloomberg reported the same day that sources close to China’s financial regulators expect the company to have to restructu

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