Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

China regulator says Alibaba, Tencent have submitted app algorithm details

Published 08/12/2022, 06:19 AM
Updated 08/12/2022, 06:29 AM
© Reuters. FILE PHOTO: A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. REUTERS/Aly Song/File Photo
FCHI
-
SINA
-
BIDU
-
WB
-
TCEHY
-
BABA
-

SHANGHAI (Reuters) - China's top internet watchdog said on Friday tech giants such as Tencent Holdings (OTC:TCEHY) and Alibaba (NYSE:BABA) Group have submitted details of algorithms used in some of their products, complying with a drive by authorities to tighten oversight of platform algorithms.

The rules are part of a broad regulatory crackdown by Beijing against its once free-wheeling technology sector. State media had accused internet platforms of using algorithms to invade user privacy and influencing their choices.

The Cyberspace Administration of China (CAC) published a list of 30 algorithms used in some of the country's most popular apps, including Alibaba's Taobao,Tencent's Wechat,Meituan and ByteDance's Douyin, with brief descriptions of their use and gave them classification numbers.

It was the first list it published since China in March passed new regulations for algorithm recommendation services and launched a filing system requiring firms to companies to disclose they used in their apps.

© Reuters. FILE PHOTO: A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. REUTERS/Aly Song/File Photo

The CAC's list, for instance, said the Taobao app had logged with it a recommendation algorithm that crunched each user's visit and search history to recommend them products and services, while Meituan had provided details of the algorithm it used to estimate delivery times and match riders.

Other companies on the list included Chinese online search giant Baidu (NASDAQ:BIDU), short video platform Kuaishou and microblogging site Sina (NASDAQ:SINA)'s Weibo (NASDAQ:WB).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.