Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. Tencent Holdings Limited
  6. News
  7. Summary
    700   KYG875721634

TENCENT HOLDINGS LIMITED

(700)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Timeline: Events leading up to China's $2.75 billion fine on Alibaba

04/12/2021 | 09:49am EDT
FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing

(Reuters) - China slapped a record $2.75 billion antitrust fine on Alibaba Group Holding Ltd on Saturday, after regulators determined the e-commerce giant had abused its dominant market position for several years.

The Alibaba business empire has come under intense scrutiny in China since its billionaire founder Jack Ma's stinging public criticism of the country's regulatory system in October.

Following are key events leading up to the fine on Alibaba.

Oct. 21, 2020: Ant Group, Alibaba's fintech unit wins the final nod from China's top securities watchdog to register its Shanghai initial public offering (IPO), clearing the last regulatory hurdle for what is shaping up as history's biggest IPO.

Oct. 24: Ant's founder, billionaire Jack Ma, tells a public event attended by Chinese regulators that the nation's financial and regulatory system stifles innovation and must be reformed to fuel growth. He compares the Basel Committee of global banking regulators to "an old man's club".

Oct. 30: Retail investors bid for a record $3 trillion worth of shares in Ant's dual listing, the equivalent of Britain's annual economic output, betting on demand for Ant's financial technology services in China.

Nov. 2: Four of China's top financial regulators say they conducted regulatory talks with Ma and Ant's top two executives. They recommend tighter regulations for online micro-lending companies to help contain potential financial risks and rein in rising debt levels.

Nov. 3: The Shanghai stock exchange suspends Ant's IPO on its tech-focused STAR Market, citing the regulatory talks as a "material event" and a tougher regulatory environment as factors that may disqualify Ant from listing. The move prompts Ant to freeze the Hong Kong leg of the listing.

Nov. 10: China increases scrutiny on e-commerce marketplaces and payment services belonging to the likes of Alibaba, publishing draft rules aimed at preventing monopolistic behaviour by internet platforms.

Nov. 23: China's increasing oversight of internet platforms is "timely and necessary", Alibaba CEO Daniel Zhang tells the World Internet Conference.

Dec. 14: China imposes fines and announces probes into deals involving Alibaba and Tencent Holdings Ltd, telling internet giants it will not tolerate monopolistic practices and warning them to brace for tighter scrutiny.

Dec. 24: Chinese regulators says they has launched an antitrust investigation into Alibaba and will summon Ant executives, with the ruling Communist Party mouthpiece warning against monopoly and expansion "in a disorderly and barbarian manner."

Dec. 27: China's central bank says it has asked Ant to shake up its lending and other consumer finance business.

Jan. 20, 2021: Ma makes his first public appearance in three months, speaking to a group of teachers. The video appearance eases concerns about his unusual absence from the limelight and sends Alibaba shares surging.

Feb. 3: Ant agrees a restructuring plan with regulators under which it will become a financial holding company, says a person with direct knowledge of the matter.

Feb. 4: Ant will hive off its consumer credit data operations, people with knowledge of the matter tell Reuters, a concession to regulators that could help get the massive IPO back on track.

Feb. 7: China's market regulator releases new anti-monopoly guidelines targeting internet platforms, further tightening restrictions on the country's tech giants.

March 2: Ant is working on measures to help staff with "short-term liquidity problems", internal staff messages from executive chairman Eric Jing show, after the IPO suspension dashed employees' hopes of cashing in their shares.

March 12: Ant CEO Simon Hu unexpectedly resigns, the first top management exit since the scuppered $37 billion IPO.

March 18: Chinese regulators say they have Alibaba, Tencent, TikTok owner ByteDance and nine other technology companies for talks on use of "deepfake" technologies on their content platforms, stepping up scrutiny of the sector.

April 10: Regulators say they have fined Alibaba $2.75 billion for violating anti-monopoly rules and abusing its dominant market position, China's highest antitrust fine ever.

(Compiled by Scott Murdoch; Editing by Sumeet Chatterjee and William Mallard)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 5.34% 196.01 Delayed Quote.-15.78%
LIMELIGHT NETWORKS, INC. 6.05% 2.63 Delayed Quote.-34.09%
SHANGHAI A INDEX -0.58% 3523.1796 Real-time Quote.-3.22%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -0.93% 254.5001 Real-time Quote.4.53%
SUN ART RETAIL GROUP LIMITED 3.80% 4.92 End-of-day quote.-37.56%
TENCENT HOLDINGS LIMITED 0.27% 447.2 End-of-day quote.-20.71%
All news about TENCENT HOLDINGS LIMITED
10:21aTENCENT : Five Top-Grossing Mobile Games Hit Nearly $3B in Revenue in First Half..
AQ
03:25aANALYSIS-NO GAIN WITHOUT PAIN : Why China's reform push must hurt investors
RE
02:19aInternational investor concerns mount over China's tech rout
RE
01:42aMARKET CHATTER : Chinese Firms' Foreign-Currency Denominated Loans Shrink in H1 ..
MT
07/27TENCENT : Backed MissFresh Strikes Retail Partnership With Mengniu Dairy
MT
07/27TENCENT : Full Truck Alliance Posts 58% Jump in Value of Fulfilled Freight Order..
MT
07/27TENCENT : Slows Down Buying Spree in Q2 Amid Beijing's Antitrust Crackdown
MT
07/27MARKET CHATTER : Tencent's WeChat Halts User Registrations in China
MT
07/27Prosus faces investor criticism over $144 million fee for Naspers share swap
RE
07/27South Africa's rand falls as investors eye Fed meet
RE
More news
Financials
Sales 2021 589 B 90 690 M 90 690 M
Net income 2021 148 B 22 833 M 22 833 M
Net cash 2021 117 B 17 993 M 17 993 M
P/E ratio 2021 24,4x
Yield 2021 0,43%
Capitalization 3 549 B 547 B 547 B
EV / Sales 2021 5,83x
EV / Sales 2022 4,72x
Nbr of Employees 89 228
Free-Float 62,4%
Chart TENCENT HOLDINGS LIMITED
Duration : Period :
Tencent Holdings Limited Technical Analysis Chart | 700 | KYG875721634 | MarketScreener
Technical analysis trends TENCENT HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 52
Last Close Price 373,05 CNY
Average target price 608,78 CNY
Spread / Average Target 63,2%
EPS Revisions
Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
Sector and Competitors
1st jan.Capi. (M$)
TENCENT HOLDINGS LIMITED-20.71%545 158
NETFLIX, INC.-4.04%229 667
PROSUS N.V.-23.43%129 403
AIRBNB, INC.-3.56%86 126
UBER TECHNOLOGIES, INC.-10.16%86 049
NASPERS LIMITED-9.01%70 815