A man with a phone in his hand walks past a sign on the TikTok app made by the Chinese company ByteDance, locally known as Douyin, at the Hangzhou International Artificial Products Exhibition in Hangzhou, Zhejiang Province, China on Jan. October 2019.
Regulators fined Alibaba $ 2.8 billion over the weekend for suppressing competition in online retail. On Monday they met with subsidiary Ant and ordered it to restructure itself as a financial holding company.
Then on Tuesday the state administration for market regulation warned 34 Chinese “internet platforms” in a meeting Learn from the crackdown on Alibaba and come up with a plan to comply with antimonopoly practices within a month.
Chinese regulators have turned their attention in recent months to Jack Ma’s e-commerce giant and its fintech subsidiary Ant Group, whose IPO was abruptly suspended in November. Authorities began investigating Alibaba in December, largely to force traders to choose one of two platforms instead of allowing them to work with both.
The details of the 12 company commitments released on Wednesday varied by business area and broadly discussed efforts to support fair competition and protect consumer data. Companies listed included Baidu, JD.com, Meituan, anti-virus software company Qihoo 360, Twitter-like social media platform Sina Weibo, TikTok parent company ByteDance, e-commerce website Pinduoduo, electronics retailer Suning, and the e-commerce company Vipshop.
The announcements are the first in a series of such commitments to be received over the next three days, the regulator said.
Other names traded in the US or Hong Kong that were mentioned in Tuesday’s list of 34 Internet platforms and were not included in the first round on Wednesday were iQiyi, Bilibili, Kuaishou, Mogu and 58.com.
– CNBC’s Arjun Kharpal contributed to this report.