Alibaba, Tencent Turn Over Key Data in China To Regain Regulatory Compliance

Alibaba Group Holding Limited BABA and Tencent Holding Ltd TCEHY submitted the algorithm details of some of their products to China's top internet watchdog, Reuters reports.
The submission was a part of China's sweeping crackdown on the sector.
The internet platforms faced flak for abusing algorithms to invade user privacy and manipulate their choices.
The Cyberspace Administration of China (CAC) published a list of 30 algorithms used in some of the country's most popular apps, including Alibaba's Taobao, Tencent's Wechat, Meituan MPNGY, ByteDance's Douyin, and Baidu, Inc BIDU.
In March, China launched new regulations for algorithm recommendation services and established a filing system requiring firms to disclose what they used in their apps.
China looked to forbid online addiction and any activity endangering national security by the move.
Separately, China investigated three former executives connected to the National Integrated Circuit Industry Investment Fund for alleged corruption charges.
China put at least five chip fund executives under probe for fraud in the past two months.
Beijing is under pressure to bolster its semiconductor industry as growing U.S. restrictions threaten its chip supply chain.
Price Action: BABA shares traded lower by 2.21% at $92.77 on the last check Friday.