BEIJING, March 14 Tencent Holdings Ltd
shares slid as much as 6.4 pct amid reports that China's central
bank has called for a halt to online credit card use.
The report that the People's Bank of China (PBOC) had issued
a statement telling China CITIC Bank Corp, which
operates virtual credit cards in cooperation with Tencent and
ecommerce firm Alibaba Group Holding, was first
reported by 21st Century Business Herald.
Alibaba and Tencent later confirmed to Reuters they had
received the notice about the PBOC's plan. A PBOC spokesman said
the bank was investigating the reports.
Alibaba announced the new virtual credit cards on Tuesday.
The cards can be used to buy goods through its online payment
affiliate Alipay, part of its push into offering financial
services. Tencent followed with its own credit card announcement