China’s technology giants are expecting increased scrutiny and penalties after Alibaba’s record $2.8bn fine on Saturday for antitrust violations.
Employees at Tencent Music and Meituan are concerned they could be targeted next by Beijing’s emboldened competition regulators, who have stepped up scrutiny on dealmaking and anti-competitive practices in its once lightly regulated technology sector.
Unlike the antitrust investigation into Alibaba’s ecommerce practices, an antitrust investigation into social media giant Tencent would be more complicated, said a Shenzhen official who oversees tech companies.
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