The Chinese government is set to take control of the monopolies of the largest online companies. The government is imposing new controls in Beijing amid growing concerns about the growing influence of digital platforms. The new rules could hurt tech companies such as e-commerce giant Alibaba, Ant Group, Tencent as well as food delivery platform Metuan.
The 22-page draft rules of the State Administration for Market Regulation define what would be competitive anti-technology behavior for the technology sector. The new rules impose restrictions on companies that cannot share sensitive consumer information. Apart from this, new small companies have also been targeted. The rules will now also look at companies that behave differently based on customer information and spending habits.
Shares of Alibaba and JD.com, China’s largest e-commerce companies, have already fallen in the news. The two companies have made extensive preparations for ‘Singles Day’. Originally, the Chinese e-commerce company Alibaba started this Singles Day campaign for single people in imitation of Valentine’s Day. It is also known as 11.11 or two 11 together. Alibaba’s rival JD.com also observes it.
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Alibaba and JD.com are dominating China’s online retail market. Together, the two companies control three-quarters of Chinese e-commerce. As of September, more than 60 million people are users of the Alibaba platform, which is about half the population of China.
The government has long been dissatisfied with Jack Marr, one of China’s richest men and the founder of Alibaba. The initial public offering of Jack Marr Financial Institution Ant Financial was expected to hit the stock market this month. However, Shanghai Stock Exchange suspended the listing of Ant Group, accusing it of hiding policy changes.
Time is not going well Jack Ma
Naturally, Jack Ma would have been China’s richest man again when Ant Financial’s initial public offering came to market. But not everything went according to plan. Ant Financial was due to issue an initial public offering (IPO) of দশ 34.4 billion on the Hong Kong and Shanghai stock exchanges. Which was thought to be the largest IPO offer in the world. The IPO did not come to the market at the last minute as China’s financial regulator intervened at the last minute. Jack Marr has a 1.6 billion stake in Ant Financial. Jack Marr’s wealth stood at 6 billion dollars. He hoped that if this IPO, he would be the richest man in China again. Alibaba founder Jack Ma officially resigned from Alibaba last year.
