Alibaba Yields to Beijing Pressure by Welcoming WeChat on Its Apps

Alibaba Yields to Beijing Pressure by Welcoming WeChat on Its Apps

(Reuters) Alibaba Group Holdings Ltd has opened its payment services to Tencent Holding Ltd.’s WeChat on several of its apps. 

Video service Youku and food delivery Ele.me are some of the apps that have integrated with WeChat Pay. Other Alibaba’s apps such as Koala, Damai, and Shuqi are also supporting the payment service.

The move happens following orders by Beijing for tech firms to stop blocking rivals’ links and services. The government alleged the practices prevent app users from moving to rival firms.

The development happens after Alibaba was fined $2.75 billion by Chinese antitrust authorities for anti-competitive tactics.

9988: HKG is up +6.98%, 0700: HKG is up +1.85%.

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