China fines WeChat operator Tencent under anti-monopoly laws

Politics Economy Society

The Chinese government said Saturday that it has fined the country's IT giant Tencent Holdings Ltd., operator of the messaging and payment app WeChat, 500,000 yuan ($77,000) under anti-monopoly laws. China's State Administration for Market Regulation has ordered a unit of Tencent to give up its exclusive rights to music labels in 30 days, a tabloid of the ruling Communist Party reported. In 2016, Tencent Music Entertainment Group merged with China Music Group, allowing the unit to occupy more than 80 percent of exclusive music resources, distorting market competition in the industry, the Globa...

Kyodo News

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