Live: Covid claims 24 more deaths, positivity rate climbs to 8.Revenge? Gunner held for killing 4 in Bathinda military station attack.UAPA slapped on Kerala train attacker, got radicalised by Zakir Naik.Will Ajit Pawar join BJP? Political buzz continues.Live: SC to hear pleas on same-sex marriage today. "In the short term, all eyes will be on Tencent as it comes to grips with what it means to open WeChat to Alibaba and ByteDance." The MIIT also said on Monday that China had "too many" electric vehicle (EV) makers and the government will encourage consolidation. "Forced cracks in China's walled gardens has the potential to re-write China's digital advertising and e-commerce landscapes," said Michael Norris, research and strategy manager at Shanghai-based consultancy Agenc圜hina. 3, when he said rectification was "highly necessary". An Alibaba spokesperson referred Reuters to remarks made by CEO Daniel Zhang on Aug. Tencent said it supported the MIIT's guidance and would make the necessary changes in phases. Once they enter their payment information into the WeChat app, they can pay bills, make peer-to-peer money transfers, and pay for items online and in-store wherever merchants accept WeChat Pay. In other cases, Alibaba's Taobao and Tmall e-commerce marketplaces do not allow Tencent's payment service WeChat Pay to be used as a payment option. WeChat Pay is linked to users’ Chinese bank accounts and/or Visa, MasterCard, or JCB cards. From March 2015 to March 2016, a shopping volume of 485 billion dollars was processed via Alibaba shops and platforms several times what Amazon generated (137 billion dollars in 2016). Tencent has called those accusations baseless. Both Tmall and Taobao belong to Internet giant Alibaba. In February, Douyin filed a complaint with a Beijing court saying that it constituted monopolistic behaviour. Tencent restricts users from sharing content from ByteDance-owned short video app Douyin on Tencent's instant messaging apps WeChat and QQ. The practice targeted by the MIIT is common. Shares in Alibaba Group and Tencent Holdings fell on Monday by over 6% and 3% respectively against a 3% decline in the Hang Seng Tech Index. The MIIT did not name any companies, but the 21st Century Business Herald newspaper reported on Saturday that Alibaba Group Holding Ltd and Tencent Holdings Ltd were among the firms told to end the practice by an unspecified time last week. He did not specify what the consequences would be for companies that failed to abide with the new guidelines. "At present we are guiding relevant companies to carry out self-examination and rectification," he said, citing instant messaging platforms as one of the first areas they were targeting.
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