China ordered social media and gaming firm Tencent Holdings Ltd (OTC:TCEHY) to submit any new apps or updates for inspection before uploading Reuters reports.
- Tencent apps violated user rights and interests as per China’s Ministry of Industry and Information Technology (MIIT).
- Thus, the MIIT ordered seven-day long scrutiny between November 24 -December 31 for every mobile app and their updates before their upload to app stores.
- “We are continuously working to enhance user protection features within our apps and also have regular cooperation with relevant government agencies to ensure regulatory compliance. Our apps remain functional and available for download,” Tencent said.
- Price Action: TCEHY shares traded lower by 1.51% at $59.35 in the market session on the last check Wednesday.