These companies earn foreign money and bring home profits. What’s emerging here is that the companies still receiving government supports are ones that have already gone international. #ALIBABA TENCENT WECHAT PAY BEIJING FREE#TikTok remains free as far as Beijing is concerned. It looks at user volume among the three major platforms.Īgain, it is WeChat and Alibaba being scrutinized. Companies that have substantial overseas revenues are immune. We haven’t heard of crackdowns against Huawei, Haier or Lenovo. JD.com and Alibaba are under extreme scrutiny. Here is a revenue breakdown of the five leading companies in China. Now, all of the sudden, Beijing has decided to rein in its own tech giants. Then there is the forced technology transfer that Western companies have constantly complained about. Think about the alleged support that Huawei and TikTok have received. Games publisher and dominant social network operator Tencent Holdings and e-commerce giant JD.com felt the heat too.Ĭhinese authorities have reputation for supporting national champions. The decline in Alibaba’s share price also weighed on other internet and technology companies. This happened despite the $6bn in share buy-backs aiming to avert the slide. īetween December 24th and 28th, Alibaba’s valuation fell by 13%, or $91bn. It suspended the initial public offering of Ant Group, which could have been the world’s largest-ever IPO. The Chinese government has drafted antitrust rules aimed at curbing monopolistic behaviors by its giant internet platforms. It’ll ban Alibaba’s Alipay, Tencent’s QQ Wallet and WeChat Pay, and six other Chinese apps in the US. The White House signed another executive order this week. Chinese big tech is in trouble these days.
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