Beijing’s regulatory crackdown wipes $1.1 trillion off Chinese Big Tech – Kitco NEWS
HONG KONG, July 12 (Reuters) – China’s major tech companies have shed more than $1 trillion in value -equivalent to the entire Dutch economy – since the government’s regulatory crackdown on the sector began more than two years ago, according to Refinitiv data.
Investors are now hoping the strict rules that have stymied growth since late 2020 will start to ease, after the People’s Bank of China (PBOC) indicated a change in direction could be under way.
The central bank said on Friday most of the main problems for platform companies’ financial businesses had been rectified, and regulators would shift their focus to the industry as a whole rather than specific companies.
The state planner on Wednesday praised Tencent Holdings, the world’s largest video game company (0700.HK), and e-commerce titan Alibaba Group (9988.HK), for their contributions to China’s tech innovation, in another sign that authorities are warming to the technology sector once more.
Analysts pinpoint the shelving of…
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source: https://news.oneseocompany.com/2023/07/12/beijings-regulatory-crackdown-wipes-11-trillion-off-chinese-big-tech-kitco-news_2023071247530.html
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