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    700   KYG875721634

TENCENT HOLDINGS LIMITED

(700)
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Alibaba CEO says China's scrutiny of internet platforms is needed

11/23/2020 | 06:03am EDT
World Internet Conference in Wuzhen

WUZHEN, China (Reuters) - China's increasing oversight of internet platforms is both "timely and necessary", Alibaba Group CEO Daniel Zhang told the World Internet Conference on Monday.

Zhang said Chinese internet companies had moved to the forefront of the global industry with the help of government policies, but regulations need to evolve.

"To ensure a more orderly and healthy development of the internet and the digital economy, relevant state departments are seeking opinions on policies and regulations for the internet platforms ... this is very timely and necessary," he said.

A planned $37 billion stock listing of Alibaba affiliate Ant Group was suspended this month after regulators warned its lucrative online lending business faced tighter scrutiny.

Zhang is one of the few Chinese technology chiefs to appear in person at the Cyberspace Administration of China's annual event, which was scaled back due to the COVID-19 pandemic.

The event is taking place against a backdrop of increasing scrutiny from Beijing for China's internet giants including Alibaba, Tencent Holdings and Meituan.

Alibaba's e-commerce marketplaces and payment services are also expected to face greater oversight under the draft rules published on Nov. 10 by China's market regulator, which said it wanted to prevent platforms from dominating the market or from adopting methods aimed at blocking fair competition.

The company and its rivals have come under fire for allegedly engaging in a practice referred to as "two choose one," in China, in which e-commerce platforms penalize sellers who offer goods on rival sites.

In an earnings call last week, chief strategy officer Liao Jianwen of JD.com, an Alibaba rival, said the company "fully supports" the draft regulations.

China's government has also issued draft regulations governing micro-lending and personal data protection that are expected to apply to internet platforms.

(Reporting by Yingzhi Yang and Josh Horwitz in Wuzhen; Writing by Brenda Goh; Editing by Himani Sarkar, Stephen Coates and Alexander Smith)

By Yingzhi Yang and Josh Horwitz


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 0.12% 211.32 Delayed Quote.-9.20%
MEITUAN -2.98% 292.8 End-of-day quote.-0.61%
QUALCOMM, INC. 0.84% 135.08 Delayed Quote.-11.33%
SUN ART RETAIL GROUP LIMITED -0.17% 5.88 End-of-day quote.-25.38%
TENCENT HOLDINGS LIMITED -2.88% 573.5 End-of-day quote.1.68%
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Financials
Sales 2021 591 B 91 224 M 91 224 M
Net income 2021 150 B 23 083 M 23 083 M
Net cash 2021 116 B 17 916 M 17 916 M
P/E ratio 2021 31,0x
Yield 2021 0,34%
Capitalization 4 553 B 703 B 702 B
EV / Sales 2021 7,50x
EV / Sales 2022 6,10x
Nbr of Employees 89 228
Free-Float 62,4%
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Mean consensus BUY
Number of Analysts 52
Last Close Price 478,57 CNY
Average target price 626,65 CNY
Spread / Average Target 30,9%
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Managers and Directors
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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