Companies like Alibaba, Baidu, and Tencent were once regarded with national pride. Now they’re being slapped with fines and other penalties.
China’s Ministry of Industry and Information Technology announced a six-month campaign on Monday to regulate internet companies, particularly practices that “disrupt market order, damage consumer rights, or threaten data security.” That followed repeated fines against tech giants including Alibaba, Baidu, and Tencent for violating antitrust laws, and a new plan to restrict overseas listings by Chinese companies.
The crackdown has extended to successes once viewed as home-grown champions. Ride-hail company Didi Chuxing beat out Uber in China and made inroads in Latin America and Africa. On June 30, the company
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