China is curtailing the country’s internet giants’ ability to use big data for credit, money management, and similar businesses, ending an era of rapid growth that authorities say poses threats to the financial system.
On Thursday, China’s central bank and other regulators ordered 13 companies, including many of the biggest names in technology, to tighten their data and lending practices.
According to analysts, their goal is to contain a revolutionary business model that will allow China’s big tech to develop and use powerful payment apps and other information for hundreds of millions of users.
The companies required for the restructuring include the technology conglomerate Tencent Holdings GmbH.
who owns the popular social media app WeChat; ByteDance Ltd., owner of the short video app TikTok; and the financial arms of the grocery supplier Meituan,
Carpooling agency Didi …