Hours after the Chinese government imposed a record $2.8 billion fine on Alibaba, a veteran internet entrepreneur urged regulators to do something similar to his company’s biggest competitor.
Douyin, TikTok’s Chinese sister service, is suing Tencent, China’s biggest internet company, to allow users to share videos to Tencent’s ubiquitous WeChat messaging service.
Alibaba, meanwhile, has applied to set up its own apps within WeChat, essentially daring Tencent to say no.
Lawsuits are flying and tempers are flaring on the Chinese internet, home to the world’s largest single group of internet users. Beijing made it abundantly clear late last year that it was serious about curbing the power of a handful of companies that dominate online life in China. Now China’s internet companies are kowtowing to Beijing and trying to make their rivals look bad instead of correcting their own anticompetitive behavior.
China s Internet Antitrust Push Leads to Corporate Clashes nytimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nytimes.com Daily Mail and Mail on Sunday newspapers.
Three of China’s billionaire gaming executives have faced investigation, criminal conviction and death, adding to the tumult of the country’s gaming industry. Lin Qi (pic) drew international attention when he died on Christmas from a suspected poisoning. SCMP
A group of Chinese gaming industry executives in their 30s, who had shared a rise in fame and fortune to become the country’s youngest billionaires in recent years, have suffered setbacks and misfortunes in 2020 in another sign of the unpredictability of China’s business world.
In the latest case, Wang Yue, the 37-year-old billionaire founder of Shanghai Kingnet Network, was sentenced by a Shanghai court to five-and-a-half years in prison for manipulating stock prices, the company said in an announcement on December 25.
Uber China Faces a Massive Challenge in the China Market ckgsb.edu.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ckgsb.edu.cn Daily Mail and Mail on Sunday newspapers.