Chill pervades Chinas tech firms even as crackdown eases
- Analysts say China’s easing of restrictions on companies like e-commerce giant Alibaba and online games company Tencent and talk of support for the private sector reflects Beijing’s decision to refocus on growth after the economy was ravaged by the pandemic and restrictions imposed to fight COVID-19.
- Such companies flourished for two decades with scant regulation before Beijing launched a barrage of anti-monopoly, data security and other restrictions from late 2020, seeking to rein in e-commerce, social media and other companies it viewed as too big and independent.
- Stocks of technology companies, including Alibaba, Tencent as well as others such as food delivery company Meituan and search engine and artificial intelligence firm Baidu have seen their stock prices nearly double since they hit rock bottom in late October.
- HONG KONG (AP) — A grinding crackdown that wiped billions of dollars of value off Chinese technology companies is easing, but the once-freewheeling industry is bracing for much slower growth ahead.
- He since reportedly has moved to Tokyo.“If you were a technology entrepreneur in China five years ago, very likely someone like Jack Ma was your hero, your idol, and was precisely what you aspired to achieve and the sort of person you aspire to become,” said Allen.
- Washington gradually has tightened controls over U.S. exports to Huawei but had allowed some companies like Intel and Qualcomm to sell it processors used in devices like laptops and lower-end smartphones.
By ZEN SOO AP Technology WriterHONG KONG (AP) A grinding crackdown that wiped billions of dollars of value off Chinese technology companies is easing, but the oncefreewheeling industry is bracin [+7411 chars]