Thirty-four of China’s tech giants were summoned to a meeting in Beijing on April 13 with the Chinese regime’s top regulators, days after it imposed a record $2.8 billion fine on e-commence giant Alibaba. During the meeting hosted by the State Administration for Market Regulation (SAMR), the Office of the Central Cyberspace Affairs Commission, and the State Taxation Administration, the major technology companies were told they had one month to rectify any monopolistic practices. According to a statement, the SAMR told the technology companies to heed warnings from Alibaba’s case and “be fearful and respectful of the rules and discipline themselves.” The 34 companies listed in the statement include search giant Baidu, prominent social media and video game company Tencent, TikTok owner ByteDance, food delivery app Meituan, and online shopping site JD.com. Shares of Tencent Holdings Ltd. and Meituan recorded extensive losses after the statement, according to Bloomberg. On April …
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