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Tencent must get regulatory green light before releasing new apps and updates
China continues to tighten the rules on its domestic tech sector, saying $Tencent (TCEHY.US)$ $TENCENT (00700.HK)$ must get approval from regulators to send out updates for its apps. The process could take up to seven days, according to state broadcaster CCTV.
The new ruling comes after China's Ministry of Industry and Information Technology found that several of Tencent's apps violated data protection rules, resulting in China's most valuable technology company having to submit new apps before they can be launched.
"We are continuously working to enhance user protection features within our apps, and also have regular cooperation with relevant government agencies to ensure regulatory compliance," Tencent said in a statement. "Our apps remain functional and available for download." Alibaba, Baidu other companies fined by Chinese antitrust regulator.
Meanwhile, some state-run companies, like $China Mobile (CHL.US)$ and $CHINA CONSTRUCTION BANK (CICHF.US)$, are restricting employees' use of Weixin, Tencent's popular domestic messaging app. Security concerns were flagged by the firms, which said any chat groups set up for work purposes could contain sensitive information and should be closed down and deleted.
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Rubyyo : The U.S. could learn a great deal from China's regulatory control. Whatever happened in the U.S.. to Anti-Trust laws designed to makentje market genuinely free and not a monopoly for the rich and powerful??
lululalabb : They probably needed regulatory approval in the past. Just a negative spin on the Chinese tech industry that's already been clobbered, thanks...
Teacher Tony Wayne : There's a word for this:
Uninvestable.
drftr
YYYoung : Gee, and where is the word "crackdown" in the title or in the text?
Kennyhot : Here comes another 10% stock price drop lol
shuamrice : This was out in HK yesterday and the stock went up so assume minimal impact to share price.