China's Watchdog Looks To Regulate Online Deals

China’s market regulator would be launching new rules in 2021 elaborating on the platform companies’ responsibilities regarding online transactions, Reuters reports based on Xinhua News Agency.

• The State Administration of Market Regulation (SAMR) reportedly aimed to implement more powerful supervision methods to tackle the vital online market issues.
• Additionally, the regulator would fast-track the real-time collection of online transaction information for better monitoring and coordination. SAMR would further consolidate the legal system and elaborate on rules for consumer rights protection. It also talked about administrative supervision on major promotional events, including annual online shopping extravaganza like Singles’ Day triggered by Alibaba Group Holding Ltd BABA.
• The December probe triggered heightened China regulatory scrutiny into Alibaba-backed and Tencent Holdings Ltd TCEHY-backed firms over anti-trust reviews for deals, including penalties imposed upon other firms for irregular pricing.
• Price action: BABA shares are trading lower by 1.69% at $227.95, and TCEHY is down 7.52% at $82.57 in the premarket session on the last check Monday.