April 12, 2021

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China pushes the country’s largest technology companies

Some icy winter months for Alibaba founder Jack Flour. He was pushed into the cold late last fall – just days before he was to list financial technology firm Ant Group, which was expected to be worth $ 300 billion.

Last week, Ant Chief Executive Officer went missing and the list was postponed indefinitely. The millionaire has only appeared in a 50-second video conference without attracting public attention.

January 2020: Alibaba founder Jack Ma shows up

Chinese Alibaba founder Jack Ma appeared in public for the first time in two months. Participated in state television on digital meeting with teachers.

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Mao was ousted from the throne as China’s richest man, with the less controversial entrepreneur Zhang Shanxi topping the list with about $ 85 billion.

– Beginning of the section

Problems Mango did not face. According to The Wall Street Journal Alibaba and Ma have been asked to remove ownership positions in media companies. The reason is that the influence of the mango and technology company is increasing the influence of the general public, according to newspaper sources.

Mao personally bought the English language Hong Kong newspaper South China Morning Post in 2016, but transferred the rights to Alibaba once the transaction was completed. The newspaper has previously criticized China, but this has been drastically reduced since the change of ownership.

It could get worse. China has hit out at the media in Hong Kong. International media outlets have moved reporter offices from the former British colony to Taiwan and South Korea.

It is speculated that the 117-year-old newspaper may have been taken over by a state-controlled media group that once owned News Corp’s media grandson, Rupert Murdoch.

“Officials have sharpened their approach to the Alibaba group. Sales of media outlets are probably part of this. This could be the beginning of the group’s division, including the media,” said a source close to the Japanese business newspaper and regional officials. Nikki.

– It was scary

Alibaba has a key role to play in Weibo, a service like Chinese Twitter. Weibo is said to have deleted a number of reports about the scandal surrounding Alibaba director Jiang Fan’s wife. Weibo threatened another woman to “stay away from the man”.

Many commentators who are considered supporters of the Communist Party have argued that technology companies holding ownership positions in the latest and traditional and new media should be further drastically reduced.

“How quickly the records were removed was completely unique. It was frightening. The country must understand what is happening and prevent it. Everyone can use the power that is in the capital, but the enemy can also use it,” wrote economic commentator Chang Qinghui in the Global Times.

Posts on social media in China are blocked and removed by companies and officials in everything that is considered controversial. Facebook, Twitter, Google, YouTube and other Western Internet services have been blocked in China.

Alibaba has funded Hollywood movies and had ambitions to buy a large American studio. These plans have long been rejected.

The lower profile will be positive

There are problems not only with Alibaba. Tencent, a competitor who bought the Norwegian gaming company Funcom last year, has also attracted attention. The company holds major ownership positions in start-ups, finance and significant media interests.

According to Bloomberg, Tencent’s market capitalization fell $ 62 billion – most recently to 4.6 percent on Monday. The company is still Asia’s most valuable listed company with $ 790 billion.

“All in all, one can argue that Tencent’s financial and technical operations are now close to zero,” Bernstein’s analysts wrote in a new analysis after Tencent’s share price plummeted on Friday and Monday.

Yellow sky over Beijing

Beijing’s sky turned yellow on Monday due to a combination of pollution and the biggest sandstorm in more than a decade.

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Bernstein points out that Tencent’s top manager Bonnie Mae has a much lower public profile than Alibaba’s top manager, which will help Tencent cross the storm.(Terms)Copyright Dugens Noringslive AS and / or our suppliers. We want you to share our cases using the link that guides our pages directly. Copying all or part of the Content or any other type of application may take place only with written permission or by law. For additional terms Check it out here.

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