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Pressure from Beijing: Alibaba places services on Tencent’s platform

Alibaba was just the beginning. On Tuesday, the three main regulators for the technology sector summoned 34 of China’s largest internet companies for a shake-down – warnings included. No mercy will be shown for misconduct, officials told market giants such as Tencent, Meituan, and Bytedance. The companies were asked to review and adjust their business practices. Beijing has been gradually adjusting once-loose monopoly rules since November 2020. Now the direct pressure on the companies is increasing.

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