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China’s Internet Clampdown Hits Alibaba But Spares Tencent

November 13, 2020

Via: Forbes

Chinese e-commerce giant Alibaba appears to be bearing the brunt of the impact from the country’s toughening regulatory environment, with analysts predicting that it may be compelled to lower the fees it charges the merchants on its platforms.

Shares of the Hangzhou-based company ended the week down 11.4% in Hong Kong, while Tencent finished lower by 3.3%. Beijing unveiled a set of anti-trust rules on Tuesday that could give regulators wide-ranging powers to rein in the market influence of internet titans. The announcement sent shares tumbling, with Chinese tech companies losing almost $290 billion in market value over two frenetic days of trading.

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