Didi Loses $22 Billion in Market Cap After China Crackdown
Divya Balji and Filipe Pacheco, 06 July 2021
Didi Global Inc. plunged in premarket trading after a Chinese regulator ordered the removal of the company’s platform from app stores, days after a $4.4 billion initial public offering in the U.S.
Shares of the China-based tech firm fell as much as 30% to $10.90, wiping out about $22 billion of market value and taking the stock below the $14 IPO price. They traded at $12.17 as of 6 a.m. in New York. Continue reading “Article: Interpol issues red notice for Guptas and associates”
Jack Ma’s Double-Whammy Marks End of China Tech’s Golden Age
Bloomberg, 14 April 2021
(Bloomberg) — The full implications of Beijing’s rapid-fire moves against Jack Ma’s internet empire in recent days won’t be apparent for weeks, but one lesson is already clear: The glory days for China’s technology giants are over.
The country’s government imprinted its authority indelibly on the country’s technology industry in the span of a few days. In landmark announcements, it slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. for abusing its market dominance, then ordered an overhaul of Ant Group Co. On Tuesday, regulators summoned 34 of the country’s largest companies from Tencent Holdings Ltd. to TikTok owner ByteDance Ltd., warning them “the red line of laws cannot be touched.” Continue reading “Article: Jack Ma’s Double-Whammy Marks End of China Tech’s Golden Age”
Alibaba shares jump after record $2.8bn anti-monopoly fine
Mark Sweney, 12 April 2021
Shares in Alibaba surged on Monday after the e-commerce company said that a record $2.8bn (£2bn) fine handed down by Chinese regulators marked the end of an investigation into anti-competitive practices at the company.
Top executives at the company, founded by the billionaire Jack Ma, told investors that while Chinese regulators continued a wider investigation into the sprawling conglomerates in the country’s tech industry, they believed the multibillion dollar fine announced at the weekend marked the end of the focus on Alibaba. The company is listed in Hong Kong and its shares climbed as much as 9% on the management’s comments. Continue reading “Article: Alibaba shares jump after record $2.8bn anti-monopoly fine”
China Hits Alibaba With Huge $2.78 Billion Fine For Market Abuse: Report
Agence France-Presse, 10 April 2021
Shanghai, China: Chinese regulators have hit e-commerce giant Alibaba with a massive 18.2 billion yuan ($2.78 billion) fine over practices deemed to be an abuse of the company’s dominant market position, state-run media reported on Saturday.
Xinhua news agency said the State Administration for Market Regulation had assessed the fine after concluding an investigation into Alibaba that began in December. Continue reading “Article: China Hits Alibaba With Huge $2.78 Billion Fine For Market Abuse: Report”