Chinese tech giant Tencent on Wednesday posted its first drop in quarterly earnings since its IPO as the company grapples with China's economic slowdown,
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China s crackdown on its biggest companies
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29/07/2021 - 05:52 Tech titan Tencent is among the many companies swept up in China s crackdown across multiple industries NOEL CELIS AFP/File 5 min
Beijing (AFP)
With market-trembling new rules and investigations, Beijing s crackdown on its most prominent companies has seeped into nearly every aspect of modern life, wiping billions of dollars from Chinese and Hong Kong-listed stocks and bamboozling investment sages.
From after-school tutoring to music streaming apps, and shopping to bike-sharing, stellar firms have been hit as Beijing tightens the leash on corporations, citing national security and antitrust concerns.
Whether motivated by the control reflexes of the Communist Party or to avoid market contortions hurting the pockets and safety of the Chinese public, few expect this to be the end of the crackdown.
With market-trembling rules, China cracks down on big firms kuwaittimes.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kuwaittimes.net Daily Mail and Mail on Sunday newspapers.