Beijing pressed ahead with moves to assert greater control over technology companies, continuing a campaign that’s roiled financial markets from New York to Shanghai.
In a flurry of action Friday, authorities summoned the country’s largest technology companies for a warning on data security, vowed tighter oversight of overseas share listings and accused ride-hailing companies of anti-competitive behavior. The Ministry of Industry Information Technology on Friday told 25 of China’s largest internet and hardware companies, including Alibaba Group Holding Ltd. and Tencent Holdings Ltd., to carry out internal reviews and rectify issues ranging from data security to consumer-rights protections.
Ride-hailing firms under scrutiny
In a separate statement, China’s transport ministry said authorities will step up oversight of ride-hailing and on-demand trucking companies, adding that some firms are operating irregularly and disrupting fair competition.
Politburo vows support for economy
A meeting of the Communist Party’s Politburo chaired by President Xi Jinping offered investors little reassurance that overhauls tightening the state’s grip on industries from private education to tech and property will slow in the second half.
Risk disclosures prompt US to freeze Chinese IPOs
The crackdown by Beijing has prompted action from US stock regulators, according to Reuters. The Securities and Exchange Commission has stopped processing registrations of US IPOs and other sales of securities by Chinese companies, the news agency reported, citing people familiar with the matter.