China orders Tencent and ByteDance to rectify financial operations

Buzz Staff 2021-05-02 China has waged a campaign to rein in its internet titans as the government grew increasingly concerned over their growing influence over every aspect of Chinese life as well as the vast amounts of data they've amassed through providing services like online shopping, chatting and ride-hailing. The crackdown has already forced Ma's Ant to scrap its initial public offering while regulators have levied a record fine against affiliate Alibaba Group Holding Ltd. Shares in Tencent, Meituan and JD fell between 1% and 3% early Friday in Hong Kong. Representatives for Tencent, ByteDance, JD, Meituan and Didi didn't…