Internet giant Tencent reportedly accepted a decision by the Chinese competition regulator to block plans to merge gaming platforms Huya and DouYu, pledging to conform to domestic competition regulations.
Reuters cited Tencent as stating it would abide by the State Administration of Market Regulation’s (SAMR) decision to block the merger due to concerns it would result in the company having excessive market power.
Tencent reportedly assured SAMR it would follow its requirements and operate in alignment with the nation’s regulations.
DouYu representatives told Reuters it, too, will abide by Chinese rules and regulations.
The news agency stated SAMR dismissed the planned merger on 10 July due to concerns over market share, which would have exceeded 70 per cent.
Tencent’s share of the nation’s gaming market currently stands at more than 40 per cent, Reuters reported citing SAMR figures.Subscribe to our daily newsletter Back