Alibaba Group Founder, Jack Ma

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Chinese Government Directs Alibaba to Sell or Reduce Media Assets, Including SCMP

18th March 2021 | Hong Kong

The Chinese government have directed internet and technology giant Alibaba Group to sell or reduce its vast media assets, including Hong Kong’s South China Morning Post (SCMP), in a move to reduce its massive influence on public opinions.

” Chinese government directs Alibaba o sell or reduce media assets “

The Chinese government is looking to reduce the massive influence technology Alibaba have on public opinions, with Alibaba owning or partial having ownerships in leading media network including SCMP, Weibo (Social network platform), Youku (Video Streaming) and Yicai (Financial media).  (In 2015, Alibaba had acquired South China Morning Post (SCMP) for around $266 million from Malaysian billionaire Robert Kuok.)

 

Increased Oversight on Chinese Technology Giants

Alibaba Group Founder, Jack Ma

The increased oversight on Chinese technology giants may had been triggered by Jack’s Ma speech, highlighting outdated supervision of China’s financial regulations that was attended by many financial leaders and regulators at the Bund Summit on the 24th October 2020.

Ant Group planned IPO was subsequently suspended by both Shanghai and Hong Kong Exchange on 3rd November 2021, for failure in major issues including meeting listing conditions and information disclosure requirement.

The planned IPO would have raised $34.5 billion and create a Chinese financial technology giant with more than $300 billion market capitalization.  (IPO ~ Initial Public Offering)

 

Tencent, Baidu, ByteDance, Didi Chuxing Fined

Tencent

China’s antitrust regulator have also fined China’s internet & technology giants Tencent, Baidu, ByteDance (owns TikTok) and Didi Chuxing for their investments and acquisitions in recent times for not seeking approvals for M&A deals that will violate anti-competition regulations. (M&A ~ Merger & Acquisitions)

 

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