The China's Tech Crackdown
Quote from Ndubuisi Ekekwe on July 12, 2021, 10:02 PMIt is very hard to understand China - why should a country destroy its wealth? I mean why should the nation be cracking down on some of its best technology companies? I have no answer but one: even technology and wealth cannot stand before the power of men. It is absolute control and nothing but that.
China’s technology giants have wiped out a combined $823 billion since their February peaks, and Beijing’s expanding crackdown on the sector is fueling investor concern that the selloff is far from over.
Authorities on Tuesday issued a sweeping warning to the nation’s biggest companies, vowing to tighten oversight of data security and overseas listings just days after Didi Global Inc.’s contentious decision to go public in the U.S. That has put further selling pressure on China’s biggest technology names including Tencent Holdings Ltd., Alibaba Group Holding Ltd., JD.Com Inc., Baidu Inc. and Meituan.
It is very hard to understand China - why should a country destroy its wealth? I mean why should the nation be cracking down on some of its best technology companies? I have no answer but one: even technology and wealth cannot stand before the power of men. It is absolute control and nothing but that.
China’s technology giants have wiped out a combined $823 billion since their February peaks, and Beijing’s expanding crackdown on the sector is fueling investor concern that the selloff is far from over.
Authorities on Tuesday issued a sweeping warning to the nation’s biggest companies, vowing to tighten oversight of data security and overseas listings just days after Didi Global Inc.’s contentious decision to go public in the U.S. That has put further selling pressure on China’s biggest technology names including Tencent Holdings Ltd., Alibaba Group Holding Ltd., JD.Com Inc., Baidu Inc. and Meituan.