Shares of e-commerce leader Alibaba dropped more than 8 per cent in Hong Kong ― just a week after regulators halted an enormous IPO for the group's financial arm ― while tech rival Tencent slipped more than 5 per cent. — Reuters pic
Rules published yesterday outlined plans to prevent “monopolistic behaviour” among internet companies, a shift from its previously more hands-off approach to antitrust issues. China's antitrust watchdog is also targeting acts constituting an “abuse of dominant market positions” that could squeeze out smaller rivals ― including unfair pricing, restricting transactions without justifiable reason, or pushing different prices and conditions on customers based on their buying habits.
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