Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

Top Chinese firms lose hundreds of billions under state scrutiny

by REUTERS

SHANGHAI Sep 13, 2021 - 12:25 pm GMT+3
Visitors pass by the Alibaba booth during the China International Fair for Trade in Services (CIFTIS) in Beijing, China, Sept. 7, 2021. (AP Photo)
Visitors pass by the Alibaba booth during the China International Fair for Trade in Services (CIFTIS) in Beijing, China, Sept. 7, 2021. (AP Photo)
by REUTERS Sep 13, 2021 12:25 pm
RECOMMENDED
A gold processing facility in the Söğüt district of Bilecik province, northwestern Türkiye, Jan. 24, 2023. (AA Photo)

Türkiye opens major facility to process vast gold reserve

gold-reserves

Some of the largest companies in China have lost hundreds of billions of dollars in market capitalization as Beijing’s regulatory crackdown that ensnared sectors from technology and education to property pushes them toward the edge, putting investors on alert over who may be next.

Here are some of the largest names that have been affected so far:

Alibaba Group

The woes of China's biggest e-commerce company began in late 2020 when China abruptly suspended the record $37 billion stock market debut of its financial affiliate Ant Group and later fined Alibaba $2.75 billion for abusing its market dominance.

The company's U.S.-listed shares have shed more than $400 billion in value since late October, when its founder Jack Ma made a speech that blasted China's regulatory system, which is widely regarded as the trigger for the government backlash that followed.

Alibaba's sprawling empire of businesses has continued to face heat from regulators over issues ranging from their use of algorithms to consumer privacy and worker protections.

Tencent Holdings

China's largest gaming and social media company has lost more than HK$2.7 trillion ($347.13 billion) in market value since its shares reached an all-time high in mid-February.

The company has been fined for failing to report past deals to anti-trust regulators, its $5.3 billion plan to merge China's top two videogame streaming sites was blocked and it has been barred from entering music copyright agreements.

Tencent has also been affected by China's latest efforts to combat gaming addiction among minors. In August under-18-year-olds were banned from playing video games for more than three hours a week.

Didi Global

China's largest ride-hailing company became the target of a cybersecurity investigation by Chinese authorities days after its New York initial public offering in June. The authorities ordered its app to be removed from Chinese app stores and barred it from registering new users.

Its shares have lost about $37 billion, or more than 40%, of their value since it raised $4.4 billion from its June 30 IPO.

The company has also been criticized by state media over how it pays its drivers. Reuters has reported that Didi is in talks with state-owned Westone Information Industry Inc. to handle its data management and monitoring activities.

Meituan

The food delivery company became the target of an antitrust probe in April and experienced a selloff in its shares a month later after its founder and Chief Executive Wang Xing posted an ancient poem on social media that was perceived by some as criticizing the government and President Xi Jinping.

Meituan, whose share have lost more than HK$1.2 trillion in value since reaching their all-time high in February, has also been criticized on other matters, including treatment of its delivery riders and violation of consumer rights.

New Oriental Education & Technology Group

China's largest provider of private educational services has seen the market value of its U.S.-listed shares fall by $7.4 billion since July, when Beijing issued new rules barring for-profit tutoring on the school curriculum.

Beijing wants to ease pressure on school children and reduce a cost burden on parents that has contributed to a drop in birth rates, but analysts warn that the new rules threaten to decimate the country's private education sector.

The company and its peers have been since trying to promote alternative classes such as drama and even parental training.

RECOMMENDED
A gold processing facility in the Söğüt district of Bilecik province, northwestern Türkiye, Jan. 24, 2023. (AA Photo)

Türkiye opens major facility to process vast gold reserve

gold-reserves
  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    chinese companies crackdown alibaba group tencent meituan didi global
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    Gulf Cooperation Council (GCC) states’ early diplomatic maneuvering occurred in the broader context of the nations’ strategic interests and should not be confused with unequivocal support for Russia. (Shutterstock Photo)

    Gulf states changing the face of Ukraine war

    gulf-states
    Leader of the far-right Danish political party Stram Kurs, Rasmus Paludan, stands outside the Turkish embassy in Stockholm, Sweden, Saturday, Jan. 21, 2023. (AP Photo)

    Far-right politician Paludan to burn Quran in Denmark

    ISLAMOPHOBIA

    7 killed in armed attack on synagogue in East Jerusalem

    ISRAEL

    US tells Türkiye, Sweden, Finland to solve issues among themselves

    TÜRKIYE-US-RELATIONS
    No Image
    Traditional hawk festival in Doha 2022
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021