Chinese regulators have imposed wide-ranging restrictions on the fast-growing financial divisions of 13 companies including Tencent Holdings Ltd. and ByteDance Ltd., leveling many of the same curbs employed against Jack Ma’s Ant Group Co. in a crackdown on the tech sector.
Units of JD.com Inc., Meituan and Didi Chuxing were also among firms summoned to a meeting with several watchdogs including the central bank, which spelled out a raft of requirements including stricter compliance when listing abroad and curbs on information monopolies and the gathering of personal data. Companies must restructure their financial wings into holding companies as part of a broad effort to subject themselves to more rigorous supervision, and sever "improper links” between their existing payments services and financial products, according to a joint statement Thursday from the central bank, banking and insurance regulator, securities watchdog and the foreign exchange overseer.
Representatives for Tencent, ByteDance, JD, Meituan and Didi didn’t respond to requests for comment.