"Heed The Warning": Beijing Warns 34 Tech Firms After Record Alibaba Fine

Companies summoned by the regulator include internet giants Baidu, Tencent and ByteDance, the owner of TikTok.

Chinese regulators have warned 34 technology giants -- including Baidu and Tencent -- to "rectify" any anti-competitive measures, a statement said Tuesday, days after e-commerce giant Alibaba was fined nearly $2.8 billion for abusing its dominant market position. The move suggests Beijing's scrutiny of its most powerful tech firms is far from over, with regulators warning they will continue to eradicate monopoly practices and telling internet companies to "heed the warning of Alibaba's case." Companies summoned by the regulator include internet giants Baidu, Tencent and ByteDance, the owner of TikTok. The 34 firms have been given one month to undergo "complete rectification" after conducting internal checks and inspections, the statement said, and to correct any practices which "harms competition."