Chinese government plans to make a number of Chinese tech companies, including Ant Group, Tencent and JD.com, to provide data about the loans they issued, TASS reports with reference to Reuters.

The goal is to prevent excessive borrowing and fraud. The data about loans will be provided to state lending agencies.

Finance and technologies company Ant Group, telecom giant Tencent and e-commerce platform JD.com have financial services that provide lending services to the clients.

In recent months, Chinese authorities have strengthened control over the market and financial sector. In December 2020, the State Administration for Market Regulation fined three Chinese e-commerce platforms Tmall, JD.com and Vipshop for “inappropriate pricing behavior” during the sales on the so-called Bachelor’s day (November 11).

The regulator also fined e-commerce platform Alibaba and Tencent last month for violating transaction reporting rules. In addition, the State Administration for Market Regulation has launched an investigation into Alibaba’s suspected violation of antitrust laws.

In early November, the Shanghai Stock Exchange decided to postpone the listing of Ant Group due to major changes in the fintech regulatory environment, revealed during the company’s consultations with the Chinese supervisory authorities. This led to the cancellation of the initial public offering in Hong Kong. The listing was expected to become the largest in the world and raise at least USD 34.5 billion.

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