Tencent Govt Held by China Over Corruption Case

An government at Tencent Holdings Ltd. , China’s most precious publicly listed firm, has been held by Chinese language authorities, a part of a probe right into a high-profile corruption case involving one of many nation’s former high law-enforcement officers, folks accustomed to the matter mentioned.

Zhang Feng has been below investigation by China’s antigraft inspector since early final 12 months for alleged unauthorized sharing of private information collected by Tencent’s social-media app WeChat , the folks mentioned. They mentioned Mr. Zhang was suspected of turning over WeChat information to former Vice Public Safety Minister Solar Lijun, who’s being investigated by Beijing for undisclosed violations of Communist Celebration guidelines.

Investigators are taking a look at what sort of information Mr. Zhang allegedly may need shared with Mr. Solar and what Mr. Solar may need finished with it, the folks mentioned.

Hong Kong-listed Tencent, which has a market capitalization of about $900 billion, confirmed Thursday that Mr. Zhang is below investigation. The case “pertains to allegations of private corruption and has no relation to WeChat or Weixin,” a spokesman mentioned in a assertion to The Wall Avenue Journal. Weixin is WeChat’s sister app for the Chinese language market.

Mr. Zhang was known as a Tencent vice chairman in a press release launched by the municipal authorities of Zhangjiakou, a metropolis close to Beijing, by which he was described as having met town’s mayor in October 2018.

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