Good Days Have Gone : A Shocked Wall Street Responds To China s Unprecedented Crackdown On Tech Giants
by Tyler Durden
Friday, Apr 30, 2021 - 07:26 AM
Following reports that Beijing was looking to scapegoat regulators responsible for initially permitting the ill-fated Ant Group IPO, which was scuttled by the CCP leadership back in October after Alibaba founder and Ant Group Chairman Jack Ma criticized Chinese tech regulation, saying it was stifling innovation , at an obscure industry conference, it appears China s anti-trust regulators
are imposing new restrictions on the financial arms of other Chinese tech giantsafter hobbling Ant.
news that Chinese regulators had summoned 13 internet companies and ordered them to rectify their digital financial businesses dealt another blow to market sentiment. The wide-ranging restrictions could weigh on credit growth and hurt the prospects of public share offerings by fintech firms, analysts have warned.