Tencent's manager reportedly met with Chinese antitrust officials as their surveillance grew

Pony Ma, the founder of Tencent Holdings who met with antitrust authorities in China this month, two people with specific information told Reuters.

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source: https://ibb.co/FnGNx2y

The summit is the most conclusive sign yet that China's unprecedented anti-trust campaign could quickly target some online behemoths.

Beijing has promised to strengthen the management of its major technology firms, which are among the largest and most important in the world.

Pony Ma, founder of Tencent Holdings, China's largest telecommunications and video game company, met with Chinese antitrust agency officials this month to discuss compliance with his party, two people with specific information said.

Pony Ma, the founder of Tencent Holdings who met with antitrust authorities in China this month, two people with specific information told Reuters.

News of the meeting, which has not been reported, comes ahead of Tencent's December quarter results on Wednesday.Analysts expect a 42% profit rise, according to Refinitiv data,although the investor focus will be on regulatory developments.

The summit is the most tangible sign so far that China's unprecedented anti-stock campaign, which began late last year with Jack Ma's Alibaba's multi-billion dollar business, could soon point to other online behemoths.

Beijing has promised to strengthen the management of its major technology firms, among the largest and most important in the world, citing concerns that they have built market forces that reduce competition, misuse consumer data and violate consumer rights.

Tencent, who owns the WeChat messaging and payment mobile app worldwide, is the second largest economy in the world, and is expected to be the next in a series of tough anti-defeat laws, said the two men and a third party with specific information on the matter.

News of the meeting, which has not been reported, comes ahead of Tencent's December quarter results on Wednesday. Analysts expect a 42% increase in its quarterly profits, according to Refinitiv data, although the focus of investors will be on regulatory development.

Pony Ma, who has been out of public view for more than a year, was in Beijing this month at China's annual parliamentary session and visited the State Administration of Market Regulation (SAMR) office last week, people said.

"There are two worries for Tencent, a concentration of undertakings review could impact acquisition deals, while investigations and litigations on abuse of dominant market positions could hurt the advantage of its platforms."