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Benzinga
Benzinga
Politics
Anusuya Lahiri

Here's What Happened Between China Regulator And Alibaba, Tencent

BABA (Organization) Alibaba Tencent CAC ByteDance Alibaba Group Holding Ltd Cyberspace Administration of China Daniel Zhang NYSE OTC
  • The Cyberspace Administration of China (CAC) said its official publication had carried out interviews with companies like Tencent Holdings Ltd (OTC:TCEHY), Alibaba Group Holding Ltd (NYSE:BABA), and TikTok parent ByteDance, Reuters reports.
  • The interviews followed the January 28 meeting held with 27 firms to discuss "healthy and sustainable" development.
  • Tencent founder and CEO Pony Ma said that he had organized a "study of the symposium" for the social media and gaming giant, The CAC quoted. Similarly, Qihoo 360 Technology Co Ltd chairman Zhou Hongyi said it had established "clear coordinates."
  • Alibaba CEO Daniel Zhang told the CAC it would improve its strategy to serve its platform users better.
  • ByteDance China chairman Zhang Lidong said it would "proactively" adjust its business focus and goals to continue developing technologies, including virtual reality, and actively crack global markets and compete with multinationals.
  • Price Action: BABA shares traded lower by 1.19% at $125 in the premarket session on the last check Thursday.
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