- China’s Ministry of Industry and Information Technology directed the domestic internet giants to fix certain anticompetitive practices and data security threats, the Wall Street Journal reports.
- The telecommunication and industry policies watchdog proposed a new six-month rectification program to rectify multiple industry issues.
- The issues included malicious blocking of website links to other company sites and products to lock out competitors of major tech ecosystems.
- Recently, Alibaba Group Holding Ltd (NYSE: BABA) and Tencent Holdings Ltd (OTC: TCEHY) proposed gradually opening up their services to one another amid the regulatory crackdown.
- Price action: BABA shares were trading lower by 6.79% at $192.53, and TCEHY shares traded lower by 7.68% at $61.75 on the last check Monday.
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