Chinese tech giants like Alibaba (BABA) - Get Report, Didi (DIDI) - Get Report and others have helped build the country’s economy. However, in recent times, China has been cracking down on these companies.
A timeline showing China's treatment of its tech companies:
- September 13, 2020: The People's Bank of China issued new rules to regulate financial holding companies.
- October 24, 2020: Alibaba Founder Jack Ma slammed China’s global banking rules calling it an “old people’s club.”
- November 2, 2020: Chinese regulators summoned Ma and his senior team a few days before Ant Group, an affiliate company of Alibaba, was scheduled to go public.
- November 3, 2020: Shanghai and Hong Kong stock exchanges suspended Ant Group’s IPO, which would have been the world’s biggest IPO.
- April 9, 2021: The Chinese government fined Alibaba $2.75 billion for violating its anti-monopoly law.
- July 4, 2021: The Cyberspace Administration of China banned Didi, the country’s biggest ride-hailing company, from mobile app stores.
- July 5, 2021: Chinese regulators also clamped down on truck-hailing platforms Yunmanman and Huocheban, and online job listing site Boss Zhiping.
Watch the video above to know more.