The Chinese government wants Alibaba Group Holding Ltd (阿里巴巴) to sell some of its media assets, including the South China Morning Post (SCMP), because of growing concerns about the technology giant’s influence over public opinion in the country, a person familiar with the matter said.
Beijing expressed misgivings about Alibaba’s media holdings at several meetings dating to last year, said the person, asking not to be identified because the discussions are private.
Government officials are particularly upset about the company’s influence over social media in China and its role in an online scandal involving one of its executives.
Alibaba cofounder Jack Ma (馬雲)
China’s Youthful, Debt-Fueled Spending Spree Sparks a Reckoning
Chinese regulators attempting to rein in Ant Group Co. and a swelling online-lending industry have a target in their sights: the excessive, debt-fueled lifestyles of the country’s youth.
Leading up to last year’s coronavirus pandemic, a new generation of tech-savvy and free-spending citizens helped power rising consumption, a growing driver of China’s economy.
Many used short-term loans to pay for expenses such as prestige cosmetics, electronic gadgets and costly restaurant meals. They found credit easy to obtain, thanks to Ant and other Chinese financial-technology companies that provided unsecured loans to millions of people who didn’t have bank-issued credit cards. In 2019, online loans accounted for as much as half of short-term consumer loans in China, according to estimates from Fitch Ratings.
China presses Alibaba to sell media assets, including SCMP bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
HONG KONG: Some of Ant Group's global investors have valued the Chinese fintech firm at over US$200 billion (RM823 billion) based on its 2020 performa.