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Tencent vows to work with regulators

As Beijing clampdown looms.
Image: Justin Chin/Bloomberg

Tencent Holdings pledged to work with Beijing and control an expansion into the fintech arena, to ensure it remains compliant as the government escalates oversight over the Chinese internet industry.

Beijing on Tuesday proposed new laws intended to curb monopolistic practices and rein in the country’s giant internet industry, spooking investors and wiping $290 billion off the value of market leaders from Tencent to Alibaba Group over two days. President Martin Lau told analysts on an earnings conference call Thursday the company will continue to maintain a prudent strategy, and that the envisioned antitrust rules tend to focus more on transaction-based platforms than on Tencent’s core business of social media and gaming.

© 2020 Bloomberg

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