China to slap new curbs on tech giants' deals: Reuters


  • China
  • Wednesday, 19 Jan 2022

The proposed requirements from CAC will apply to any platform company with more than 100 million users. - Reuters

BEIJING (Bloomberg): China’s Internet overseer will require the country’s tech giants to seek approval before making investments or raising funds, Reuters reported, citing unidentified sources.

The Cyberspace Administration of China is drafting new guidelines that will require any company with more than 100 million users or over 10 billion yuan (US$1.6 billion) in revenue to seek the watchdog’s approval before such deals, Reuters reported Wednesday (Jan 19). Any internet firm in sectors named on a "negative list” issued last year will also require approval, the news agency said.

Chinese regulators are increasingly scrutinising the flurry of deals executed annually by Tencent Holdings Ltd. and Alibaba Group Holding Ltd, which Beijing regards as instrumental to shoring up dominance over their respective spheres.

Since 2021, regulators have levied fines on scores of deals cut during the go-go era of the past decade, chilling investment across much of the Internet sector.

Article type: free
User access status:
Join our Telegram channel to get our Evening Alerts and breaking news highlights

China , Internet , giants , technology , restrictions

   

Next In Aseanplus News

Mapping DNA of 100,000 Singaporeans will help identify ways to prevent diseases
New unit to fight disinformation in Brunei
Work begins on new Minion Land attraction at Universal Studios Singapore
Myanmar bans use of foreign currency for local payments
Bigger food crisis can be averted if Asia remembers not to panic: Expert
Three injured as insurgents attack marine police station in Narathiwat (Update)
Govt orders action to facilitate Laos trade, spur transport and exports
Cambodia hails US ties, seeks relief on China-linked sanctions
Shanghai heading out of lockdown but China still lost in economic gloom
Quad moves show efforts to curb Chinese technology: Experts

Others Also Read