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China to Stop its Tech Giants From Becoming too Powerful

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variety.com
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Patrick Frater Asia Bureau ChiefSingles Day, a Black Friday-like shopping festival dreamed up by large retailers, is normally boom time for China’s major online platforms.

And indeed Alibaba, which this year started its 11.11 event back on Nov. 1, claims a record $56 billion (RMB372 billion) of business, and sales coming in at up to 583,000 orders per second.But China’s tech investors are doing anything but cheering.

That’s because the mainland government Tuesday said that it is in the process of issuing regulations to rein in the power of tech giants such as Alibaba, Tencent, JD.Com and Meituan-Dianping.The State Administration for Market Regulation released draft rules that, for the first time, clearly defines anti-competitive behavior..

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