A man with a phone walks past a sign from the TikTok app from Chinese company ByteDance, known locally as Douyin, at the International Artificial Products Expo in Hangzhou, Zhejiang province, China, October 18, 2019.
Reuters
Regulators imposed a record $ 2.8 billion fine on Alibaba this weekend for stifling competition in the online retail industry, then met affiliate Ant on Monday and ordered it restructured as a financial holding company.
On Tuesday, the State Administration for Market Regulation warned 34 Chinese “internet platforms” at a meeting to learn of the crackdown on Alibaba and to submit a plan for compliance with anti-monopoly practices within a month.
Chinese regulators have turned their attention in recent months to Jack Ma’s e-commerce giant and its fintech subsidiary Ant Group, whose massive IPO was abruptly shelved in November. Authorities had started investigating Alibaba in December, mainly to force merchants to choose one of the two platforms, rather than allowing them to partner with both.
The details of the 12 business commitments released Wednesday varied by industry and generally discussed efforts to support fair competition and consumer data protection. Companies listed included Baidu, JD.com, Meituan, antivirus software company Qihoo 360, Twitter-like social media platform Sina Weibo, TikTok parent company ByteDance, group buying e-commerce site Pinduoduo, electronics retailer Suning, and e-commerce company Vipshop.
The announcements are the first in a string of such pledges to take place over the next three days, the regulator said.
Other US- or Hong Kong-traded names mentioned in Tuesday’s list of 34 internet platforms not included in Wednesday’s first round included iQiyi, Bilibili, Kuaishou, Mogu and 58.com.
– CNBC’s Arjun Kharpal contributed to this report.