Naspers slides as Tencent faces regulatory squeeze under intensifying antitrust scrutiny
Tencent has been fined in the latest move by regulators to crack down on fintech companies. The scrutiny was triggered by Ant founder, Jack Ma.
Tencent has been fined in the latest move by regulators to crack down on fintech companies. The scrutiny was triggered by Ant founder, Jack Ma.
“An area where clarity is emerging relates to the safety & efficacy of vaccines. The US’s FDA is expected to give the Pfizer shot full approval this week.”
“Shares in Tencent and Alibaba take another hit and fears mount of crackdown spreading to other sectors,” reports the Financial Times.
“Tech giant reports slowing revenue growth as Beijing tightens regulations on sector,” reports The Wall Street Journal’s Keith Zhai.
Rather amusingly, graphics indicating the roller coaster ride that internet giant Tencent has endured this week look like something out of a game.
Tencent founder Pony Ma’s fortune has fallen the most among China’s ultra-rich since the Chinese regulators crackdown on Big Tech in November 2020.
Magnus Heystek gives further insights into what to do with your hard-earned money, in light of the Chinese govt putting its “idealogical jackboot back on.”
The “Communist Party control always trumps the needs of investors,” writes the Editorial Board of The Wall Street Journal.
A fascinating account of the rise and fall of billionaire Jack Ma, founder of Alibaba and Ant Group, and how China’s clamp down on Big Tech affects Naspers.
“After Alibaba was fined $2.8bn by Chinese regulators for allegedly abusing its market position, about three dozen rushed out with pledges to toe the line.”