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China is preparing a substantial fine for Tencent Holdings<\/a> as part of its sweeping antitrust clampdown on the country's internet<\/a> giants, but it is likely to be less than the record $2.75 billion penalty imposed on Alibaba<\/a> earlier this month, two people with direct knowledge of the matter said.
Tencent<\/a> should expect a penalty of at least 10 billion yuan ($1.54 billion), significant enough for the State Administration of Market Regulation (SAMR) to make an example of it, both people said.
Tencent faces penalties for not properly reporting past acquisitions and investments for antitrust reviews, an offence with a fine capped at 500,000 yuan per case, and for anticompetitive practices in some of its businesses, with music streaming in particular focus, said the sources.
Neither SAMR nor Tencent immediately responded to Reuters' requests for comment.
\"The attitude from the regulator is that unlike Alibaba you are not the biggest target here, but it would be impossible not to penalise Tencent now that the campaign is in action,\" said one of the people.
China has in recent months sought to curb the economic and social power of its once loosely regulated internet giants, in a clampdown backed by President Xi Jinping.
Tencent and Alibaba Group Holding Ltd<\/a> are China's two biggest tech conglomerates, with market values of $776 billion and $642 billion, respectively.
Earlier this month, SAMR imposed its record fine on Alibaba after an investigation found the e-commerce firm had abused its dominant market position for several years.
Tencent's vast businesses include video games, content streaming, social media, advertising and cloud services.
SAMR's investigation partly focuses on Tencent Music Entertainment Group<\/a>, which was spun off and listed in the United States in late 2018, two of the people and an additional two sources close to the business said. Tencent Music<\/a> Entertainment did not immediately respond to request for comment.
The regulator has informed Tencent that it should expect a fine, give up exclusive music rights, and may even be forced to sell the acquired Kuwo and Kugou music apps, said the people.
However, Tencent's core businesses, video games and WeChat, are likely to remain intact, said one of the people.
STREAMING STRANGLEHOLD<\/strong>
Tencent Music, China's answer to Spotify, acquired competitor apps Kugou and Kuwo in 2016, and pursued exclusive streaming rights with record labels including Universal Music Group<\/a>, Sony Music Group and Warner Music Group Corp.
It then sublicensed some of the rights to competitors including NetEase Cloud Music, which complained that the arrangement was unfair and prices too high.
SAMR launched a probe into Tencent Music in 2018 but dropped it in 2019 after the company agreed to stop renewing some of the exclusive rights, which normally expire after three years, two sources told Reuters previously.
However, it kept exclusive rights to Jay Chou, the most influential pop star in the Chinese-speaking world, using it as a competitive edge against smaller rivals NetEase Cloud Music and Alibaba-backed Xiami Music.
SAMR has told Tencent Music that it should expect to give up some of the remaining exclusive rights, two of the people said.
It may also be required to sell Kugou and Kuwo to competitors or other investors, one of the options being proposed to senior government officials in Beijing, three sources said.
A forced sale of those units would set a precedent and might be hard to execute, two of them cautioned.
Final confirmation of Tencent's punishment will need a nod from China's central leadership, the people said.
Tencent is lobbying for a more lenient penalty, they added.
\"Tencent doesn't mind paying a hefty fine and is willing to pay more if it needs to, as long as its core businesses remain intact,\" said one of the people, referring to its video games and WeChat app<\/a> units.
Last month, Reuters reported that Tencent will need to meet certain conditions in its plan to merge Huya and Douyu, two leading video game streaming platforms, including giving up exclusivity to broadcast Tencent games to competing streaming sites.
SAMR said this week it is investigating Tencent-backed Meituan over claims the food delivery giant forced vendors to use their platform exclusively, the same offence Alibaba was penalised for.
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中国决心腾讯点球垄断镇压:来源
腾讯面临处罚不当反垄断审查报告过去的收购和投资,一种犯罪行为罚款超过500000元的情况下,对反竞争行为的一些企业,尤其是音乐流媒体焦点,消息人士说。
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中国是准备大量的罚款腾讯控股的全面垄断打压中国互联网巨人,但它可能会低于创纪录的27.5亿美元罚款阿里巴巴本月早些时候,两人有直接了解的人士说。
腾讯应该期待一个点球至少100亿元人民币(合15.4亿美元),足够重要的国家市场监管(SAMR)的一个例子,两个人说。
腾讯面临处罚不当反垄断审查报告过去的收购和投资,一种犯罪行为罚款超过500000元的情况下,对反竞争行为的一些企业,尤其是音乐流媒体焦点,消息人士说。
无论是SAMR还是腾讯立即对路透的置评请求作出回应。
“监管机构的态度是,不像阿里巴巴你不是这里的最大目标,但不可能不惩罚腾讯现在竞选,”说的一个人。
近几个月中国试图控制它的经济和社会力量一旦管理松散的互联网巨头,在压制了习近平副主席的支持。
腾讯和阿里巴巴集团(Alibaba Group Holding Ltd .)是中国最大的两家科技企业集团,市场价值7760亿美元和6420亿美元,分别。
本月早些时候,SAMR对阿里巴巴后,记录好调查发现电子商务公司滥用其市场支配地位好几年了。
腾讯庞大的业务包括视频游戏,内容流,社会媒体,广告和云服务。
SAMR的调查部分主要关注腾讯音乐娱乐集团剥离,在2018年晚些时候在美国上市,两人和一个额外的两个业务关系密切的消息人士表示。腾讯音乐娱乐没有立即回复记者的置评请求。
监管机构已通知腾讯,它应该很好,放弃独家音乐版权,甚至可能被迫出售获得Kuwo和酷狗音乐音乐应用,人们说。
然而,腾讯的核心业务,视频游戏和微信,很可能保持不变,说的一个人。
流控制
腾讯音乐,中国的Spotify,于2016年收购了竞争对手应用酷狗音乐和Kuwo,追求独家与唱片公司包括流媒体权利环球音乐集团,索尼音乐组和华纳音乐集团公司。
然后再次许可的权利的一些竞争对手包括网易云音乐,抱怨说,这样的安排是不公平的,价格太高了。
SAMR展开了调查腾讯音乐2018年但下降后,2019年该公司同意停止更新的一些独家权利,通常经过三年到期,此前两位消息人士告诉路透。
然而,它一直专有权周杰伦,在华人世界最具影响力的歌星,使用它作为一个竞争优势与规模较小的竞争对手网易云音乐和Alibaba-backed Xiami音乐。
SAMR告诉腾讯音乐,它应该放弃一些剩下的专有权,两人说的。
也可能需要酷狗音乐和Kuwo卖给竞争对手或其他投资者,其中一个选项被提议政府高级官员在北京,三个来源说。
强制出售的单位将会成为一个先例,可能难以执行,其中两个警告。
最后确认的腾讯的惩罚将需要从中国中央领导点头,说的人。
腾讯正在游说更宽松的惩罚,他们补充说。
“腾讯不介意支付巨额罚款和愿意支付更多,如果需要,只要其核心业务保持不变,”说的一个人,指的是它的视频游戏和微信应用程序单位。
上个月,据路透社报道,腾讯将需要满足一定的条件下在其计划合并Huya Douyu,两个领先的流媒体视频游戏平台,包括放弃排他性竞争流媒体网站转播腾讯游戏。
SAMR本周表示,它正在调查Tencent-backed Meituan声称食品外卖巨头迫使供应商专门使用他们的平台,阿里巴巴是同一犯罪处罚。
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