China warns 34 tech firms to curb excess in antitrust review

A worker cleans a water feature next to a Tencent Holding Ltd logo at the company’s headquarters in Shenzhen, China. Shares in Tencent Holdings Ltd and Meituan extended losses after the State Administration for Market Regulation issued a stern statement emphasising it will continue to eradicate abuses of information and market dominance among other violations. — Bloomberg

China ordered 34 Internet corporations Tuesday to rectify their anti-competitive practices within the next month, signalling that Beijing’s scrutiny of its most powerful firms hasn’t ended with the conclusion of a probe into Alibaba Group Holding Ltd.

Shares in Tencent Holdings Ltd and Meituan extended losses after the State Administration for Market Regulation issued a stern statement emphasising it will continue to eradicate abuses of information and market dominance among other violations. Also summoned to an ad-hoc meeting with the watchdog on Tuesday were industry leaders including TikTok owner ByteDance Ltd, search giant Baidu Inc and JD.com Inc.