China antitrust: Tencent boss said to meet market officials as scrutiny widens
- Tencent’s ubiquitous WeChat messaging app is expected to be the target of antitrust inquiries, according to sources
- Antitrust authorities in China have been ramping up scrutiny on Big Tech since late last year
Pony Ma, the reticent founder of Tencent Holdings, China’s biggest social media and video games company, met with China’s antitrust watchdog officials this month to discuss compliance at his group, two people with direct knowledge said.
The meeting is the most concrete indication yet that China’s unprecedented antitrust crackdown, which started late last year with billionaire Jack Ma’s Alibaba business empire, could soon target other internet behemoths.
Beijing has vowed to strengthen oversight of its big tech firms, which rank among the world’s largest and most valuable, citing concerns that they have built market power that stifles competition, misused consumer data and violated consumer rights.
Tencent, whose WeChat messaging and payment mobile app is ubiquitous in the world’s second-largest economy, is expected to be the next in line for sharper antitrust regulatory inquiries, said the two people and a third person with direct knowledge of the matter.
News of the meeting, which has not been reported, comes ahead of Tencent’s December quarter results on Wednesday. Analysts expect a 42 per cent rise in its quarterly profit, according to Refinitiv data, although the investor focus will be on regulatory developments.
Pony Ma, who had been out of the public eye for more than a year, was in Beijing this month for China’s annual parliamentary meeting and visited the State Administration of Market Regulation (SAMR) office the week before last, said the people.