Alibaba, Tencent Propose To Open Barriers Following Domestic Tech Crackdown: WSJ
- Alibaba Group Holding Ltd (NYSE: BABA) and Tencent Holdings Ltd (OTC: TCEHY) are planning to open up their services to one another gradually, the Wall Street Journal reports.
- China's growing tech crackdown has made it difficult for companies to maintain the virtual barriers.
- Alibaba could introduce Tencent's WeChat Pay to Alibaba's e-commerce marketplaces, Taobao and Tmall.
- Tencent could make it easier to share Alibaba e-commerce listings on its WeChat messaging app or allow selected Alibaba services to access WeChat users via mini-programs.
- China's State Administration for Market Regulation had fined Alibaba $2.8 billion for forcing vendors to sell exclusively on its platform.
- The companies control the so-called super apps via their respective camps. Alibaba, its financial affiliate Ant Group Co., and Alibaba-owned firms like Ele.me feature on one camp. The other base features Tencent, JD.com Inc (NASDAQ: JD), Meituan (OTC: MPNGY), and Pinduoduo Inc (NASDAQ: PDD).
- Price action: BABA shares traded higher by 1.13% at $211.92, and TCEHY shares traded higher by 1.55% at $72.06 on the last check Wednesday.
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