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China Turns Up Heat on Country's Tech Giants

Joyce Huang

   TAIPEI - In recent weeks, Chinese regulators have cracked down on some
   of the country's biggest and most powerful technology companies,
   illustrating the immense market power of these companies, which has
   drawn concern from the government.

   On Monday, the State Administration for Market Regulation (SAMR),
   China's top market regulator, fined three of the country's largest
   technology companies, including e-commerce giant Alibaba Group and
   social-media juggernaut Tencent, for failing to disclose acquisitions
   of smaller competitors.

   Last month, China Securities Regulatory Commission halted the record
   initial public offering of Ant Group, one of China's dominant digital
   payment platforms backed by Alibaba. It then announced new draft rules
   targeting monopolistic practices on the country's digital platforms.

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