U.S. markets closed
  • S&P 500

    4,538.43
    -38.67 (-0.84%)
     
  • Dow 30

    34,580.08
    -59.71 (-0.17%)
     
  • Nasdaq

    15,085.47
    -295.85 (-1.92%)
     
  • Russell 2000

    2,159.31
    -47.02 (-2.13%)
     
  • Crude Oil

    66.22
    -0.28 (-0.42%)
     
  • Gold

    1,782.10
    +21.40 (+1.22%)
     
  • Silver

    22.45
    +0.17 (+0.76%)
     
  • EUR/USD

    1.1317
    +0.0012 (+0.10%)
     
  • 10-Yr Bond

    1.3430
    -0.1050 (-7.25%)
     
  • GBP/USD

    1.3235
    -0.0067 (-0.50%)
     
  • USD/JPY

    112.8000
    -0.4090 (-0.36%)
     
  • BTC-USD

    46,609.50
    -10,437.20 (-18.30%)
     
  • CMC Crypto 200

    1,367.14
    -74.62 (-5.18%)
     
  • FTSE 100

    7,122.32
    -6.89 (-0.10%)
     
  • Nikkei 225

    28,029.57
    +276.20 (+1.00%)
     

More Trouble Brews For Alibaba, Tencent As China Ramps Up Anti-Monopoly Bureau

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • China's competition watchdog, the State Administration for Market Regulation, will ramp up staffing at its anti-monopoly bureau, Bloomberg reports.

  • The bureau will split into three separate divisions focusing on antitrust investigations, market competition, and mergers oversight.

  • The bureau aims to increase the number of antitrust officials from over 40 currently to 100 before reaching 150 within five years.

  • The moves signal the SAMR, which has extracted billions in penalties from Alibaba Group Holding Ltd (NYSE: BABA) and Meituan (OTC: MPNGF) (OTC: MPNGY) for market abuse, is moving into a new phase of enforcing a plethora of regulations.

  • President Xi Jinping sought to strengthen antitrust work to ensure fair competition to thwart Alibaba and Tencent Holdings Ltd's (OTC: TCEHY) growing dominance.

  • SAMR deputy director Gan Lin would likely lead the administration, while Wu Zhenguo, who currently heads the anti-monopoly division, will head the new investigation bureau.

  • Related Content: How China's Financial Sector Probe Could Pose Risk For Alibaba, DiDi?

  • Price Action: BABA shares traded lower by 0.46% at $163.25 on the last check Tuesday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.