HONG KONG (AP) — Chinese financial regulators have summoned 13 companies engaged in online finance services, including Tencent and Bytedance, and told them to strengthen anti-monopoly measures. Regulators warned against the “disorderly expansion” of capital. The government has increased scrutiny of technology and internet companies that have branched into the lucrative financial services sector, offering services such as digital wallets and wealth management services. As part of their crackdown on online financial services, authorities abruptly halted a $34.5 billion initial public offering by Ant Group, which is affiliated with e-commerce giant Alibaba. The concern is that reckless growth in online financial services could endanger China’s financial system.
