Chinese regulator says it will tighten oversight of sharing economy

FILE PHOTO: A person wearing a mask rides a bicycle of bike-sharing service on a street, almost a year after the start of the coronavirus disease (COVID-19) outbreak, in Wuhan, Hubei province, China December 17, 2020. REUTERS/Aly Song TPX IMAGES OF THE DAY

China’s market regulator said on Monday it would step up oversight of the so-called sharing economy, where consumers share access to goods and services often with the help of an online platform.

The move by the State Administration of Market Regulation (SAMR) is the latest in a drive by Beijing to strengthen control over its society and key sectors of its economy, including tech, education and property.

Bike-sharing and joint use of portable powerbanks to charge mobile phones are two popular sectors in the sharing economy.

SAMR said its stricter oversight would include regulating powerbank sharing platforms and making their pricing systems transparent.

The regulator also said it was investigating food delivery giant Meituan for not reporting its acquisition of bike-sharing startup Mobike in 2018 for antitrust review.

Meituan did not immediately respond to a request for comment.

Earlier on Monday, Meituan warned in a regulatory filing it might be required to pay “significant” antitrust fines.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.