Why China faces hurdles in antitrust war with tech titans, which have built huge market dominance
Alibaba was fined half a million Yuan for violating the antitrust law on 15th December, 2020 in Beijing, China.
Synopsis
Chinese tech giants such as Alibaba, Tencent, and JD.com operate giant platforms linking social networking, e-commerce, travel booking and food delivery, and have accumulated millions of merchants and hundreds of millions of consumers. Reversing a once laissez-faire approach towards them won’t be easy.
By Han Wei China’s tech giants are feeling the squeeze as regulators step up efforts to rein in unfair competition and put the sprawling internet sector under unprecedented antitrust scrutiny.E-commerce behemoth Alibaba Group Holding Ltd. found itself in the center of the regulatory storm as China’s market watchdog launched an investigation of the company Dec. 24, citing allegations of monopolistic practices. Two days later, top financial
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PDD Shares Take Hit as Pinduoduo Battles Fresh Employee Welfare Criticism
Jan 12 2021 · 12:48 UTC by Benjamin Godfrey · 3 min read
Photo: Depositphotos
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Despite the reported drop in the shares of Pinduoduo, the company is still seeing potential growth in other key aspects of its metrics.
Chinese-based interactive e-commerce company Pinduoduo Inc (NASDAQ: PDD) has been slammed by fresh criticisms over its alleged unfair employees’ welfare. Such a situation had a negative impact on Pinduoduo shares. According to a report by TechCrunch, the new criticisms are were sparked by a video from a former employee named Wang, noting the extreme working hours Pinduoduo staff particularly those in the headquarters are subjected to.
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Chinese electric-vehicle maker Xpeng Inc. has signed an agreement with banks for a 12.8 billion yuan ($2 billion) line of credit.
Agricultural Bank of China Ltd., Bank of China Ltd., China Construction Bank Corp., China Citic Bank Corp. and Guangzhou Rural Commercial Bank Co. will provide the facilities to support Xpeng’s business and help expand its manufacturing, sales and service capabilities, the company said in a statement Tuesday.
Like other Chinese EV makers Nio Inc. and Li Auto Inc., Xpeng has captured investors’ imagination. Its shares, sold for $15 in the U.S. in August last year, are currently trading at $44.36. It raised $900 million before its initial public offering and $1.7 billion during its share sale.
BILI Stock Up Over 3%, Bilibili Files for Hong Kong Listing to Raise Over $2B
Jan 12 2021 · 13:42 UTC by Steve Muchoki · 3 min read
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The move by Bilibili to file for a secondary listing in Hong Kong is a clear manifestation of the tension between the United States and the Republic of China.
Shares of Bilibili Inc (NASDAQ: BILI) jumped approximately 3.67% in Tuesday’s pre-market to trade around $116.60. Notably, BILI shares closed Monday’s trading session at $112.47, 5.06% down. The spike is attributed to news that the Chinese video-sharing website Bilibili has confidentially filed for a secondary listing in Hong Kong. It is reported that the company aims at raising $2 billion through the listing.