Prime Minister Scott Morrison’s WeChat profile has been “sold” to a Chinese businessperson following revelations the Australian leader’s social media team lost control of his account earlier this month. According to the Daily Telegraph, the account’s name was changed from “Scott Morrison” to “Australian Chinese New Lifestyle.” A search on WeChat for an account under…
Australian Prime Minister’s WeChat Account ‘Sold’ to Chinese Businessman
January 24, 2022
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Asia & PacificAustraliaChinaChina-Australia RelationsGladys LiuInternationalInternational RelationsScott MorrisonSocial MediaTechTech NewstechnologyTencentWeChatWorld
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China to Mandate Cybersecurity Reviews on Tech Firms Seeking Foreign IPOs
Chinese network platform companies seeking foreign initial public offerings (IPOs) are already seeing new regulatory measures upon entering the new year. The new rules enable the Chinese Communist Party (CCP) to tighten its grip on China’s technology sector, experts say. On Jan. 5, the Anti-Monopoly Bureau of China’s State Administration for Market Regulation imposed fines…
Tencent and Alibaba Fall From Global Top Ten as China Fosters Super State Firms
January 11, 2022
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Alibabaanti-trust probesChinaChina Business & Economychina private firmsChinese RegimeSOEsTencentUncategorized
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On Dec. 30, 2021, the share price of China’s e-commerce giant Alibaba Group Holding Ltd (9988.HK) closed at HK$109.9 (approximately $14.3), down 52.75 percent from the same period in 2020. Similarly, China’s gaming and social media company Tencent Holdings Ltd (0700.HK) suffered a decline of 21.38 percent per share the same day. Both have fallen…
Alibaba, Tencent, and Nio Rivals Xpeng, Li Auto Fall in Hong Kong as Evergrande, Kaisa Default on Payments
Shares of Alibaba Group Holding Limited, Baidu Inc., Tencent Holdings Inc., Xpeng Inc., and Li Auto Inc. fell in Hong Kong on Friday, while JD.Com Inc. traded higher. What’s Moving Chinese e-commerce giant Alibaba’s shares traded 0.9 percent lower at HKD 122.30 ($15.68) in Hong Kong, while peer JD.Com’s shares have risen 0.8 percent to…
Family Lost Everything: China’s Forced Demolition
Another tale of forced demolition strikes a family in China. The victims say authorities railroaded them—and now they’ve lost everything. An over $400,000 fine, over a rule-breaking gain of $300—the Chinese Communist Party ramps up its clampdown on the country’s fintech industry. Parts of northern China are seeing renewed lockdown orders amid a surge of…
China Foreign Exchange Regulator Fines Tencent’s Tenpay for Misconduct
SHANGHAI—China’s foreign exchange regulator said it fined Tencent Holding’s Tenpay for violating foreign exchange rules, as authorities step up supervision of the country’s fintech (financial technology) industry. The State Administration of Foreign Exchange (SAFE), Shenzhen branch, fined Tenpay, Tencent’s online payment platform, 2.78 million yuan ($436,000) for misconduct, including conducting foreign exchange business beyond the…
China’s Regulatory Crackdown Pushes Tencent to Slowest Revenue Growth Since 2004
November 10, 2021
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Business & EconomyChinaChina Business & EconomyCompaniescrackdowneconomic policiesEconomiesgaminggrowthMarketsregulatoryrevenueTechtechnologyTencent
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SHANGHAI—Chinese gaming and social media giant Tencent Holdings posted its slowest revenue growth since it went public in 2004 on Wednesday, hurt by a regulatory crackdown, and said the outlook for the advertising sector would remain weak into next year. Revenue climbed 13 percent to 142.4 billion yuan, slightly below expectations, and was the slowest…
Poor Report Cards Likely at China’s Big Tech After Regulatory Clampdown
November 8, 2021
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AlibabaBusiness & EconomyChinaChina Business & EconomyChinese RegimeCompaniescrackdowneconomic policiesEconomiesregulatoryTechtechnologyTencent
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SHANGHAI—China’s biggest listed companies Tencent and Alibaba are expected to report a fall in profits and slowing revenue growth in the July–September quarter, hurt by the year-long regulatory clampdown that has upended its tech industry. Beijing has reasserted control over its once-freewheeling Internet sector, punishing well-known names for engaging in what were previously considered regular…
Tencent’s $1.3 Billion Sumo Deal Comes Under US Security Probe
A U.S. national security panel is investigating Tencent Holdings’ $1.27 billion acquisition of Sumo Group, the British videogame maker said on Friday, in a possible setback to the Chinese internet giant. Sumo, which has studios in the United States and four other countries, said Tencent had agreed to offer undertakings to gain approval from the…
Celtics Games Scrapped in China After Player Calls Out Beijing’s Tibet Suppression
October 21, 2021
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Asia & PacificBoston CelticsChinaChina Human RightsChinese RegimeNBASportsTencentTibetUSUS NewsUS-China relationsWorld
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The National Basketball Association (NBA) is facing yet more pressure in China after a Boston Celtics player filmed a short video calling for an end to Beijing’s ongoing repression in Tibet. Wearing a black T-shirt emblazoned with the image of Tibet’s spiritual leader Dalai Lama, Turkish player Enes Kanter on Oct. 20 criticized Beijing in…
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