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Chinese authorities are looking to restrict the business freedoms currently enjoyed by some of the nation’s largest Internet companies.
In a 22-page missive issued by Beijing’s State Administration for Market Regulation (SAMR), authorities in the communist country are making a tentative bid to ban anti-competitive behaviour in the country’s booming tech sector.
Initial moves by authorities in Beijing will work towards limiting the sharing of consumer data and larger online companies working together at the expense of smaller, lesser known rivals.
It understood local Internet giants including Ant Group and Alibaba, in addition to Tencent could be amongst the hardest hit firms to be affected.
Popular Chinese food delivery service Meituan is also a name being targeted sources indicate.
In a bizarre twist, the SAMR is also turning to the general public for feedback on its proposals.
Following the Tuesday announcement, from the opening of the markets on Wednesday, China based tech shares were noticeably down across the board after starting on a downward slope late yesterday.
An estimated US$200 billion was wiped from the combined portfolios of some of the nation’s biggest tech companies – those listed above in addition to JD.com, and Xiaomi.
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