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By Syndicated Content
By Pei Li
HONG KONG (Reuters) â Chinaâs antitrust regulator is poised to order the music streaming arm of Tencent Holdings Ltd to give up exclusive rights to music labels, two people with direct knowledge of the matter said on Monday.
The penalty, plus a 500,000 yuan ($77,150) fine for misreporting the acquisition of two apps, is the culmination of an investigation by the State Administration of Market Regulation (SAMR) into Tencent Music Entertainment Group, Chinaâs dominant music streaming company, the people told Reuters.
In April, Reuters reported that the regulator was preparing to fine Tencent Holdings as part of a sweeping antitrust clamp-down on the countryâs internet giants, with two people saying the company should expect a penalty of at least 10 billion yuan.
By Pei Li HONG KONG (Reuters) - China s antitrust regulator is poised to order the music streaming arm of Tencent Holdings Ltd to give up exclusive rights to music labels, two people with direct knowledge of the matter said on Monday. The penalty, plus a 500,000 yuan ($77,150) fine for misreporting the acquisition of two apps, is the culmination of an investigation by the State Administration of Market Regulation (SAMR) into Tencent Music Entertainment Group, China s dominant music streaming company, the people told Reuters. In April, Reuters reported that the regulator was preparing to fine Tencent Holdings as part of a sweeping antitrust clamp-down on the country s internet giants, with two people saying the company should expect a penalty of at least 10 billion yuan.
Cathy Chan, Bloomberg News Buildings in the Manhattan skyline in New York, U.S., on Thursday June 17, 2021. New York state s pandemic mandates were lifted last week, after 70% of the adult population has now been given at least one dose of a coronavirus vaccine. Photographer: Victor J. Blue/Bloomberg , Bloomberg
(Bloomberg) Just months after bankers celebrated a record haul from taking Chinese companies public in New York and Hong Kong, theyâve had a rude awakening. Deals are being shelved and investors are nursing heavy losses.
A chill has settled over global finance after a fortnight in which China first cracked down on its Uber-like Didi Global Inc. within days of a U.S. trading debut, followed swiftly by the State Council announcing closer scrutiny of all offshore listings. On Saturday, a cybersecurity review was proposed for companies with data on more than 1 million users before they seek to list in foreign countrie
Adding to Beijing’s resolve is the Chinese public’s growing concern over rising inequality. At a major speech on his economic plans in October, President Xi Jinping acknowledged that the country’s development was “unbalanced” and said “common prosperity” should be the ultimate goal.
The upshot is a new era for the country’s billionaires and the investors who back them. Gone are the days when tycoons like Ma could confidently bend the rules to supercharge their companies’ growth and challenge entrenched interests like state-owned banks. Outsized public personas long seen as an asset for tech-company founders now look like a liability. The new playbook for China’s ultra-rich calls for more deference to the Communist Party, more charitable donations and more focus on the wellbeing of rank-and-file employees, even if it hurts the bottom line.