China tells its tech giants to heed 'warning' in Alibaba's record fine

The State Administration for Market Regulation (SAMR), along with the Cyberspace Administration (CAC) and the State Taxation Administration (STA), met with executives from 34 internet companies, such as Alibaba, Tencent (TCEHY) and ByteDance, the SAMR said in a statement.The meeting was aimed at requiring every company to heed the warning from the Alibaba case and stop anti-competitive and other illegal behaviors, the regulator said. “Internet platform companies must be in awe of and respect the rules,” it added. Other companies attending included (JD), Pinduoduo (PDD), Baidu (BIDU), food delivery app Meituan, ride-hailing giant Didi, gaming company NetEase (NTES), streaming platform iQIYI (IQ) and short-form video app Kuaishou.On Saturday,

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