![]() ![]() ![]() Around $40 billion of its value was wiped out in a fortnight after China’s State Administration for Market Regulation (SAMR) opened an investigation into its “suspected monopolistic practices” and on the announcement of “new worker protection rules”.Ĭhinese Regulators were far from “done”, yet. That’s more than 10 Byju’s, India’s biggest startup, which is valued at $16.5 billion.įood delivery app, Meituan suffered a similar rout in April of this year. Tencent had $170 billion shaved off its value. Pony Ma, the Chairman, and CEO of Tencent, who “obediently” bowed down to the Chinese leadership, has lost even more money than the obstreperous Jack Ma in the recent crackdown. Leaders of top tech companies (also including ByteDance, the company that owns TikTok) were summoned before regulators and presumably berated. The government then embarked on an “antitrust” push, fining Tencent (China’s biggest social media company) and Baidu (one of the top Chinese internet companies) - for various past deals. Barely a day goes by without more news on the widening scope of Beijing’s crackdown on private enterprise. ![]() Since then, Canceled share sales, Ruined business models, Tech moguls brought to heel, became the new normal. The value of Ma’s business empire collapsed. The government levied a multi-billion dollar antitrust fine against Alibaba, deleted its popular web browser from app stores, and Jack Ma, the founder of e-commerce giant Alibaba, went out of the public eye for weeks. Days before Alibaba’s (which is sometimes compared to Amazon) subsidiary Ant Group was set to raise up to $34 billion in an IPO which would have been the world’s largest public offering, beating the $29.4-billion listing of Saudi Aramco in late 2019, the Chinese government effectively canceled the IPO of Ant Financial. ![]()
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