The State Administration for Market Regulation summoned Alibaba, Tencent, and seven other platform companies to eliminate "involutionary" competition

The State Administration for Market Regulation held talks with Alibaba-W (09988.HK), Douyin, Baidu-SW (09888.HK), Tencent (00700.HK), JD-SW (09618.HK), Meituan-W (03690.HK), and Taobao Flash Sale, requiring the relevant platform companies to strictly comply with the provisions of the Anti-Unfair Competition Law, Price Law, Consumer Rights Protection Law, and E-Commerce Law, among other laws and regulations. They are urged to actively fulfill their main responsibilities and further standardize platform promotional activities. The Market Regulation Administration reminds the relevant platform companies to eliminate all forms of "involutionary" competition and jointly maintain a fair competitive market environment, promoting innovation and healthy development of the platform economy