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The China News Database was last updated at 01:50PM on November 9, 2023.
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682 articles matching the search query.
World’s Biggest Stock Losers Are Chinese Tutors Amid Crackdown
Shares of China’s once high-flying private education companies are the world’s worst performers this year amid a government crackdown aimed at easing student workloads and costs.
WSJ News Exclusive | Jack Ma’s Ant in Talks to Share Data Trove With State Firms
Ant Group is in talks with Chinese state-owned enterprises to create a credit-scoring company that will put the fintech giant’s proprietary consumer data under regulators’ purview.
China Trucking Startup Said to Raise $1.6 Billion in U.S. IPO
Full Truck Alliance Co., an Uber-like trucking startup, has raised about $1.6 billion after pricing shares in its U.S. initial public offering at the top of a marketed range, according to people with knowledge of the matter.
China’s New Data Law Gives Xi the Power to Shut Down Tech Firms
(Bloomberg) -- China’s new data security regime gives President Xi Jinping the power to shut down or fine tech companies as part of his drive to wrest control of vast reams of data held by giants like Alibaba Group Holding Ltd. and Tencent Holdings Ltd.Firms found mishandling “core state data” can be forced to cease operations, have their operating licenses revoked or fined up to 10 million yuan ($1.6 million) under a law passed Thursday by the Asian nation’s top legislative body.Companies that
Trump’s TikTok, WeChat Actions Targeting China Revoked by Biden
The president issued an executive order mandating a broad review of apps controlled by foreign adversaries, including China.
Tech Crackdown Hits Chinese Stocks, Just Not in China
China’s tech crackdown is mostly affecting firms listed outside the country, helping to create a big performance gap between onshore and offshore Chinese stocks.
China’s Emerging Tech Firms Grapple With Losses
The red ink is piling up at China’s emerging technology champions, as Meituan, Pinduoduo, Kuaishou spend heavily to spur new market segments.
China’s Tech Clampdown Is Spreading Like Wildfire
The latest salvos in China’s campaign against its tech companies make one thing clear: Jack Ma’s businesses aren’t the only ones under the regulatory microscope.
China’s Tech Crackdown Is Cooling Hong Kong’s IPO Market
New Hong Kong listings are tracking at their slowest pace since the aftermath of the global financial crisis, as weaker markets and China’s clampdown on its biggest tech firms chill sentiment.
Why China’s Most-Hated Internet Company Decided to Play Nice
Tencent’s popularity may help it avoid trouble with Beijing. But its vast power could still squelch innovation in the world’s largest online market.
Alibaba, Baidu and Tencent learn Netflix lessons in content fight
Original shows help China's long-form video platforms win back viewers from apps
NetEase’s Music App Files for $1 Billion Hong Kong IPO
Chinese gaming giant NetEase Inc.’s music streaming arm has filed for an initial public offering in Hong Kong as the Tencent Holdings Ltd. rival ratchets up competition in online content.
China’s Next-Generation Tech Firms Hit Hard by Market’s Pullback
Stock in former darlings such as Meituan, Pinduoduo and Kuaishou has dropped by more than one-third from highs reached earlier this year.
EXCLUSIVE China launches antitrust probe into Tencent-backed property broker KE -sources
China's market regulator has begun an investigation into suspected anti-competitive practices by KE Holdings (BEKE.N), the country's biggest housing broker whose top backer is Tencent Holdings (0700.HK), two people who know of the matter said.
China’s Latest Crackdown on Bitcoin, Other Cryptocurrencies Shakes Market
China’s efforts to restrain cryptocurrency trading and mining are roiling bitcoin and other markets, as major digital-currency exchanges suspend some activities that targeted users in China.
Billionaire Founder of China Property Giant Dies of Illness
(Bloomberg) -- The billionaire founder of KE Holdings Inc. has died of an unspecified illness, a shocking development for a Chinese property company that pulled off one of the strongest U.S. market debuts of 2020.Zuo Hui, who turned the company known as Beike from a nationwide chain of real estate offices into China’s largest platform for housing transactions and services, died May 20 after an “unexpected worsening of illness,” his company said in a statement without elaborating. KE Holdings’ board will announce follow-up arrangements within two weeks, it added.Zuo, 50, has been the driving force behind the company’s success, headlining the bell-ringing ceremony when it went public and holding 81.1% of voting shares under a dual-class voting structure as of end-February, according to its annual report. The company’s American depositary receipts fell 0.8% to $49.85 in New York on Thursday, paring an earlier decline of almost 10%.Zuo was backed by some of Asia’s most influential startup investors, including Hillhouse Capital Group and Tencent Holdings Ltd., and ranks among SoftBank Group Corp.’s most successful bets. KE Holdings almost doubled on its August U.S. debut, vaulting Zuo into the ranks of the world’s richest entrepreneurs with a fortune in excess of $20 billion at one point, according to the Bloomberg Billionaires’ Index.Its shares were up 151% from their New York debut through Wednesday’s close, conferring on the late chairman a net worth of $14.8 billion.In an interview with CCTV aired in April, he downplayed the significance of the IPO and the riches it bestowed.“Why should I feel excited?” he said, dressed in jeans, a dark blue vest and black sneakers. “This makes no difference to me.”Read more: Founder of China Property Site With No Profits Worth $20 BillionBorn in 1971 in Shaanxi province, Zuo graduated with a bachelor’s degree from Beijing University of Chemical Technology in 1992 before getting into sales and establishing an insurance business, where he made his first fortune, according to local media. He then founded Beijing Lianjia Real Estate Brokerage Co. in 2001, when China’s property market was still relatively young, and started Ziroom in 2011 to offer long-term apartment rentals. In 2018, he incorporated KE and launched Beike, becoming one of the country’s most celebrated entrepreneurs.Beike uses artificial intelligence and big data to improve its service and provide market insights, according to its website. As of June, the company boasted 226 million homes on its platform and 39 million monthly active users on mobiles. That’s swelled to more than 48 million mobile monthly active users and half a million agents.The platform also draws in others by allowing decorators, renovators and financial institutions to connect with buyers, creating an ecosystem of property and related offerings.(Updates with closing share price in third paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Tencent Music says facing increased China scrutiny, is committed to laws
Tencent Music Entertainment Group confirmed on Tuesday it is facing heightened scrutiny from Chinese regulators, adding it was "actively co-operating" with them and is committed to complying with all laws "including those related to anti-trust". This is the first time the Tencent group has publicly commented on the matter. Reuters reported last month that Tencent Holdings, which controls music streaming company Tencent Music, was told by Chinese anti-trust regulators to pay a fine, give up exclusive music rights and sell some of its music assets.
Shares of China’s Meituan Sink as Public Scrutiny Mounts
Investors have soured on the online delivery company’s growth prospects amid a broader crackdown on the country’s powerful technology sector.
TikTok owner ByteDance continues legal battle against Tencent over fair use
ByteDance asserts that its Douyin Huoshan Version app does not infringe any intellectual property rights, arguing that users own the copyright of the content they create.
Tencent-backed online insurer Waterdrop to sharpen focus on small cities, rural areas
Online insurance technology firm Waterdrop expects to build its business on the back of the underserved market in China’s low-tier cities and rural areas.
