China Warns Large Tech Firms as Industry Faces Rising Oversight

04/29/2021

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Stephanie Yang | Wall Street Journal

TAIPEI—Chinese financial regulators on Thursday ordered some of the nation’s largest technology companies to change financial business practices seen as risky and violating antitrust rules, the latest sign of heightened scrutiny of the sector.

China’s central bank, together with the country’s banking, insurance, securities and foreign-exchange regulators, summoned 13 technology firms and ordered them to delink their payment systems from some financial products. They also demanded the companies bring their online lending and deposit-taking businesses in line with regulatory requirements.

The firms included Tencent Holdings Ltd., ByteDance Ltd. and the financial arms of Meituan, Didi Chuxing Technology Co., JD.com Inc.and Trip.com Group Ltd., according to a statement from the People’s Bank of China.

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