CIA-Linked Investor Helped Quantum Systems Expand in US 
Asian Stocks Slide as U.S.-Iran Fighting Lifts Oil Prices 
Oil Prices Jump as U.S.-Iran Tensions Threaten Hormuz 
Bessent Urges G20 to Rethink China Trade Ties 
Citi Sees Signs of Shift in Global Currency Policy 
Trump Says ExxonMobil Among Oil Majors Planning Venezuela Return 
Amazon Shares Fall as FTC Plans Ad Pricing Lawsuit 
Google Changes EU Spam Policy Amid Antitrust Scrutiny 
Ukraine Sanctions Chief Heads to Washington to Push Russia Bill 
Pinterest Stock Falls as CFO Julia Brau Donnelly Resigns 
U.S. Probes Apex Logistics Over Nvidia AI Chip Shipments to China 
Apple’s Phil Schiller Steps Back as Leadership Shake-Up Accelerates 
Asian Stocks Slip as Fed Rate Hike Bets and Oil Surge Weigh 
Jefferies Names AMEC Top China Semiconductor Equipment Pick 
Bessent Says Yen Moves Contained as BOJ Rate Decision Looms 
Japan Bond Yields Top 3% as Inflation, Fiscal Risks Rise 
Canada Backs €100B Global Defence Bank as G7 Support Lags 
Add as a preferred source on Google
Tencent Music is reportedly facing a hefty fine and may lose its exclusive rights to its own music label. According to sources, China’s anti-trust regulators are likely to order the company to release its rights to its music assets.
Why Tencent Music may lose its rights to its music labels
As per Reuters, Tencent Music may also be slapped with ¥500,000 or around $77,227 fine for not properly reporting about its acquisition of two music apps, Kuguo and Kuwo. The penalty is set to be imposed after an anti-trust review carried out by the State Administration of Market Regulation (SAMR) determined that Tencent Music Entertainment Group misreported its purchase of the said apps in 2016.
The publication added that since April, the speculations that Tencent Music is facing fine have been floating around. However, it is not certain if the company is facing more antitrust penalties aside from what was already reported.
Now, under the terms of the penalty, a fine will be imposed, and the firm may have to sell both Kugou and Kuwo. Although some insiders believe the regulators may not request for the music apps’ sale anymore.
Tencent Music is the Chinese version of Spotify, and it has been offering streaming services to listeners after securing exclusive streaming rights with record labels. It has so far secured deals with Sony Music, Warner Music Group, and Universal Music.
Beijing’s interference in tech businesses
In any case, Bloomberg reported that the move to penalize Tencent Music, including the possibility to remove its rights from its music labels, comes as China heightens its drive to cut the growing influence of China’s major internet companies to almost every aspect of the country’s citizens’ lives - from online shipping to communication to ride-hailing.
The crackdown on companies has already led to the imposition of penalties to leading firms such as Alibaba Group and Didi. Now, Tencent Music is also under scrutiny and being checked by the local regulators. Meanwhile, the country’s antitrust watchdog started its probe into Tencent Group’s business dealings in 2019, and other homegrown firms are also facing investigations as part of the crackdown on tech companies.
