Internet giant Tencent is set to become the next target of Chinese regulators, as officials increasingly rein in expanding financial technologies to lower the risk of shocks to the financial system, according to a report from Bloomberg.

On Friday, Shenzhen-based Tencent and several other internet firms were each fined 500,000 yuan (US$76,886) over merger and acquisition transactions that might have led to anti-trust violations, according to the watchdog State Administration for Market Regulation.

But according to the Bloomberg report, which

quotes people familiar with the matter, this might only be the first of many steps by authorities to crack down on the internet conglomerate following the clampdown on Ant Financial, which is controlled by billionaire Jack Ma.

Ant’s mammoth initial public offering was killed last year, at the last minute, following an abrupt investigation by authorities into its practices.

After months of investigation, officials reportedly ordered Ant to set up a financial holding company and face tougher regulations. Tencent, which operates WeChat Pay and a range of other virtual financial and insurance products, is likely to face the same treatment, according to Bloomberg.

Chinese Premier Li Keqiang told this week’s session of the National People’s Congress that authorities will strengthen oversight of financial technology and ensure “vigilant supervision” over financial innovation, to avoid systemic risks.

A Tencent spokesperson told Bloomberg in an emailed reply that the firm will “continue to adapt to changes” in the regulatory environment and comply with them fully.

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