Asia’s largest conglomerate was censured by China’s antitrust<\/a> watchdog on Friday as Beijing expands a crackdown that began with Jack Ma’s online empire.
The token fine is just the beginning. China’s top financial regulators see Tencent as the next target for increased supervision after the clampdown on Jack Ma’s Ant Group Co., according to people with knowledge of their thinking. Like Ant, Tencent will probably be required to establish a financial holding company to include its banking, insurance, and payments services, said one of the people, seeking anonymity as the discussions are private.
The two firms will set a precedent for other fintech players on complying with tougher regulations, the people added.
Such a move would mark a significant escalation in China’s campaign to curb the influence of its technology moguls, days after Premier Li Keqiang pledged at the National People’s Congress to expand oversight of financial technology, stamp out monopolies, and prevent the “unregulated” expansion of capital.
“We will continue to adapt to changes in the regulatory environment, which we view as beneficial to the industry, and will seek to ensure full compliance,” Tencent said in an emailed statement.
The China Banking and Insurance Regulatory Commission didn’t immediately respond to a request seeking comment.
A progression of rules unveiled in the past six months has taken aim at the dominions built by China’s most successful online entrepreneurs. The first blows fell on Jack Ma when Ant’s $35 billion initial public offering was torpedoed at the last minute, followed by an antitrust probe into Alibaba Group Holding Ltd.
Tencent has already seen collateral damage from the new regulations, though investors had shrugged this off, pumping up the stock even as Alibaba was punished. Its 26% advance over six months contrasts with a 15% slump for Jack Ma’s e-commerce behemoth, which owns a third of Ant. Shares of Tencent climbed to a record on Jan. 25, valuing it at roughly $950 billion.
The stock fell as much as 4.5% in Hong Kong Friday. Shares of Tencent investor Naspers and its unit Prosus also declined. Spreads on Tencent’s 2.39% dollar bond due 2030 widened as much as 6 basis points, according to traders.
Along with Ant, proposed rules to break up market concentration in digital payments and rein in consumer lending online will damage prospects for Tencent’s WeChat Pay and its wider fintech business.
A diktat to fold those operations into a holding company that could be regulated more like a bank would potentially further curb its ability to lend more and expand as rapidly as it has done in recent years.
Tencent’s fintech business had revenue of about 84 billion yuan ($13 billion) in 2019, accounting for 22% of the total and making it the largest earnings driver after online entertainment. That’s about 70% of Ant’s revenue for the year.
Valuation Hit<\/strong>
After Ant’s IPO suspension, the central bank directed the Hangzhou-based firm to turn itself into a financial holding company, subjecting it to capital restrictions, the need for fresh licenses and ownership scrutiny. The overhaul could slash the financial juggernaut’s valuation by about 60% from the $280 billion it was pegged at last year, Bloomberg Intelligence analyst Francis Chan has estimated.
Tencent meets the parameters for such treatment, including the threshold for assets and having businesses that straddle at least two financial sectors.
Outside of financial services, Tencent and its peers are exposed to further action on the anti-trust front.
On Friday, the regulator fined Tencent, search leader Baidu Inc., ride-hailing giant Didi Chuxing and a clutch of others 500,000 yuan each -- the maximum under current rules -- for past acquisitions and investments, stepping up its crackdown.
Alibaba is also being probed and the watchdog is considering a record fine exceeding the $975 million that Qualcomm Inc. paid in 2015, Dow Jones has reported.
Premier Li balanced his strictures last week with an assurance that Beijing supports the “innovation and development of platform companies,” as long as they fall in line with the country’s laws.
Recent measures to rein in fintech firms weren’t aimed at a specific company, a senior regulatory official has said, and instead focus on creating a stable environment for private enterprise to grow.
Yet, Beijing has a penchant for making examples of its biggest companies to force others to fall in line with changing priorities. All three of the nation’s financial watchdogs have made it their primary goal this year to curb the “reckless” push of technology firms into finance. And there’s little doubt of the sway Pony Ma’s conglomerate has built in finance.
Its WeChat super-app boasts more than a billion consumers that use it for everything from chatting with friends to booking taxis and buying groceries. WeChat Pay accounts for almost 40% of the country’s mobile payments market, second only to Alipay, according to iResearch.
Tencent with three other major tech companies -- Alibaba, JD.com Inc. and Baidu -- together control over 40 financial licenses through acquisitions or investments, according to Xinhua News Agency, which cited 01caijing.
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读到
马化腾的腾讯控股有限公司已经注意到。
亚洲最大的企业集团被中国的谴责反垄断监管机构周五在北京扩大镇压,马云的在线帝国。
令牌好只是一个开始。中国最高金融监管机构看到腾讯的下一个目标增加监督打击后,马云的蚂蚁集团有限公司根据知情人士的思考。像蚂蚁一样,腾讯可能需要建立一个金融控股公司,包括银行、保险和支付服务,说的一个人,寻求匿名讨论是私有的。
两家公司将设置一个先例其他fintech球员遵守更严格的规定,人们补充道。
此举将标志着一个重大的升级在中国运动控制技术巨头的影响,几天前,国务院副总理李克强在全国人民代表大会表示要扩大监管的金融技术,消除垄断,防止资本的“不”扩张。
“我们将继续适应监管环境的变化,我们认为这有利于该行业,并将努力确保一致,“腾讯在电子邮件声明中表示。
中国银行和保险监督管理委员会没有立即回复记者的置评请求。
规则公布的进展在过去的六个月里采取了针对领土由中国最成功的网络企业家。第一次吹落在马云当蚂蚁的350亿美元首次公开发行(ipo)在最后一刻被击沉,紧随其后的是阿里巴巴集团(Alibaba Group Holding Ltd .)反垄断调查
腾讯已经看到附带损害的新规定,尽管投资者耸耸肩,加大股票即使阿里巴巴的人都会受到惩罚。26%提前六个月与马云的电子商务巨头的暴跌15%,拥有三分之一的蚂蚁。腾讯股价攀升至创纪录的1月25日,估值约9500亿美元。
在香港股市跌幅一度高达4.5%。腾讯的股票投资者Naspers及其单位Prosus也拒绝。腾讯2.39%的美元债券息差由于2030年多达6个基点扩大,据交易员。
随着蚂蚁,提出了规则,打破市场集中在数字支付和在线控制消费信贷将损害腾讯微信薪酬和前景广泛fintech业务。
勒令这些操作折叠成一个控股公司,可以调节更像一家银行可能会进一步限制其贷款的能力越来越扩张迅速,近年来完成的。
腾讯fintech业务收入约840亿元(130亿美元)在2019年,占总数的22%,使其最大收益驱动程序后在线娱乐。这是Ant约70%的收入。
估值达到
蚂蚁的IPO后悬挂,央行指示这家总部位于杭州的公司变成一个金融控股公司,让资本的限制,需要新鲜的许可证和所有权的审查。改革可能会削减约60%的金融巨头的估值2800亿美元的挂钩是在去年,彭博情报分析师弗朗西斯·陈估计。
腾讯满足参数等治疗,包括资产和企业跨越的门槛至少两个金融行业。
金融服务之外,腾讯和同行接触在反垄断方面进一步的行动。
周五,监管机构罚款腾讯,百度公司,ride-hailing巨头迪迪Chuxing,一群人500000元,最高根据现行规定——在过去的收购和投资,加强镇压。
阿里巴巴也正在探索和监管机构正在考虑记录的罚款超过9.75亿美元,高通公司支付2015年,道琼斯报道。
李总理上周平衡他的束缚与北京保证支持平台企业的创新和发展,“只要他们符合国家的法律。
最近的措施来遏制fintech公司没有针对特定公司,监管机构的一位高级官员说,而不是专注于为民营企业发展创造一个稳定的环境。
然而,北京有喜欢的例子,其最大公司强迫他人符合不断变化的优先事项。所有这三个国家的金融监管机构今年主要目标限制了“不计后果”推动科技公司的财务。毫无疑问,马化腾的影响的企业集团建立了融资。
其微信super-app拥有超过十亿消费者,用它来从与朋友聊天到预订出租车和购买杂货。微信支付几乎占中国移动支付市场的40%,仅次于支付宝,根据艾瑞咨询。
腾讯与其他三大科技公司——阿里巴巴,JD.com inc .)和百度——一起控制40金融许可证通过收购或投资,据新华社报道,援引01《财经》。乐动扑克
亚洲最大的企业集团被中国的谴责反垄断监管机构周五在北京扩大镇压,马云的在线帝国。
令牌好只是一个开始。中国最高金融监管机构看到腾讯的下一个目标增加监督打击后,马云的蚂蚁集团有限公司根据知情人士的思考。像蚂蚁一样,腾讯可能需要建立一个金融控股公司,包括银行、保险和支付服务,说的一个人,寻求匿名讨论是私有的。
两家公司将设置一个先例其他fintech球员遵守更严格的规定,人们补充道。
此举将标志着一个重大的升级在中国运动控制技术巨头的影响,几天前,国务院副总理李克强在全国人民代表大会表示要扩大监管的金融技术,消除垄断,防止资本的“不”扩张。
“我们将继续适应监管环境的变化,我们认为这有利于该行业,并将努力确保一致,“腾讯在电子邮件声明中表示。
中国银行和保险监督管理委员会没有立即回复记者的置评请求。
规则公布的进展在过去的六个月里采取了针对领土由中国最成功的网络企业家。第一次吹落在马云当蚂蚁的350亿美元首次公开发行(ipo)在最后一刻被击沉,紧随其后的是阿里巴巴集团(Alibaba Group Holding Ltd .)反垄断调查
腾讯已经看到附带损害的新规定,尽管投资者耸耸肩,加大股票即使阿里巴巴的人都会受到惩罚。26%提前六个月与马云的电子商务巨头的暴跌15%,拥有三分之一的蚂蚁。腾讯股价攀升至创纪录的1月25日,估值约9500亿美元。
在香港股市跌幅一度高达4.5%。腾讯的股票投资者Naspers及其单位Prosus也拒绝。腾讯2.39%的美元债券息差由于2030年多达6个基点扩大,据交易员。
随着蚂蚁,提出了规则,打破市场集中在数字支付和在线控制消费信贷将损害腾讯微信薪酬和前景广泛fintech业务。
勒令这些操作折叠成一个控股公司,可以调节更像一家银行可能会进一步限制其贷款的能力越来越扩张迅速,近年来完成的。
腾讯fintech业务收入约840亿元(130亿美元)在2019年,占总数的22%,使其最大收益驱动程序后在线娱乐。这是Ant约70%的收入。
估值达到
蚂蚁的IPO后悬挂,央行指示这家总部位于杭州的公司变成一个金融控股公司,让资本的限制,需要新鲜的许可证和所有权的审查。改革可能会削减约60%的金融巨头的估值2800亿美元的挂钩是在去年,彭博情报分析师弗朗西斯·陈估计。
腾讯满足参数等治疗,包括资产和企业跨越的门槛至少两个金融行业。
金融服务之外,腾讯和同行接触在反垄断方面进一步的行动。
周五,监管机构罚款腾讯,百度公司,ride-hailing巨头迪迪Chuxing,一群人500000元,最高根据现行规定——在过去的收购和投资,加强镇压。
阿里巴巴也正在探索和监管机构正在考虑记录的罚款超过9.75亿美元,高通公司支付2015年,道琼斯报道。
李总理上周平衡他的束缚与北京保证支持平台企业的创新和发展,“只要他们符合国家的法律。
最近的措施来遏制fintech公司没有针对特定公司,监管机构的一位高级官员说,而不是专注于为民营企业发展创造一个稳定的环境。
然而,北京有喜欢的例子,其最大公司强迫他人符合不断变化的优先事项。所有这三个国家的金融监管机构今年主要目标限制了“不计后果”推动科技公司的财务。毫无疑问,马化腾的影响的企业集团建立了融资。
其微信super-app拥有超过十亿消费者,用它来从与朋友聊天到预订出租车和购买杂货。微信支付几乎占中国移动支付市场的40%,仅次于支付宝,根据艾瑞咨询。
腾讯与其他三大科技公司——阿里巴巴,JD.com inc .)和百度——一起控制40金融许可证通过收购或投资,据新华社报道,援引01《财经》。乐动扑克
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