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Chinese antitrust regulators are considering to fine Meituan, the country's largest online catering platform, about $1 billion for allegedly monopolistic behavior, the Wall Street Journal reported on Friday, citing sources familiar with the matter.
Chinese streaming giant Tencent Music Entertainment (TME) confirmed on Tuesday that it is facing heightened scrutiny from antitrust regulators after reporting better-than-expected first quarter financial results the previous day.
China's antitrust regulator is set to order the music streaming arm of Tencent Holdings Ltd. to relinquish its exclusive music rights, Reuters reported on Monday, citing people with knowledge of the matter.
Retail giants Carrefour and Hema Fresh have denounced Sam's Club for allegedly "being a monopoly."
Nowhere has the digital platform economy's impact been more apparent than in China, where a burgeoning economy and technological metamorphosis in recent decades have been underpinned by a cohort of sprawling and innovative tech giants including Alibaba, Tencent and Baidu.
The Chinese government announced on Monday that it has launched an anti-monopoly investigation into food delivery giant Meituan, stepping up its campaign aimed at reining in the power of the country’s big tech groups.
Chinese tech and e-commerce giant Alibaba Group Holding fell into loss-making territory for the first time since going public in 2014 after being slapped a massive anti-monopoly fine by regulators.