3 February 2021.
Tencent Holdings Ltd, China’s biggest social media and video games company, on Wednesday (3 February 2021) named 37 companies it had blacklisted from future contracts and said it has fired more than 100 staff over embezzlement and bribery incidents. It has also reported 40 employees to the authorities. The company started its anti-graft campaign in the fourth quarter of 2019.
Beijing is tightening its scrutiny over Chinese tech companies aimed at preventing their monopolistic behavior. The government has released draft laws in this regard. Late last year, Chinese regulators suspended the IPO of fintech giant Ant Group and started investigation into alleged monopolistic practices at Alibaba Group. The new rules may have an impact on JD.com, Pinduoduo, Tencent’s WeChat Pay, and Meituan Dianping, among other firms.