torsdag 15. april 2021

Is Alibaba's fate a warning to China’s tech giants?

It's been a tough week for Chinese tech firms. Over the weekend, Chinese billionaire Jack Ma's e-commerce giant Alibaba was fined $2.8bn (£2bn) by Chinese regulators, who said it had abused its market position for years. Then on Monday, Chinese digital payments firm Ant Group - an affiliate of Alibaba - announced a drastic restructuring plan with regulators forcing it to act more like a bank than a tech firm. And on Tuesday, 34 companies, the who's who of China's tech world, were summoned by officials and warned: let Alibaba be a lesson to you.