Chinese tech stocks rally after anti-monopoly pledge as regulators sharpen claws

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Chinese tech stocks rally after anti-monopoly pledge as regulators sharpen claws
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Twelve major Chinese technology companies pledged Wednesday to comply with anti-monopoly rules, according to statements shared by the national market regulator.

Chinese regulators have focused their attention in recent months on Jack Ma's e-commerce giant and its fintech affiliate Ant Group, whose giant IPO was abruptly suspended in November.

Authorities had begun investigating Alibaba in December, primarily for a practice ofThe details of the 12 corporate pledges released Wednesday varied by line of business, and generally discussed efforts to support fair competition and protection of consumer data. The companies listed included Baidu, JD.

 

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