In China, big tech is in the regulators’ crosshairs. Since financial regulators spiked an IPO for Ant Group, the Alibaba-affiliated fintech giant that was slated to outraise Saudi Aramco, tech majors have had to get used to fines, investigations, and meetings with regulators. This big tech crackdown shows no sign of slowing down.
Most recently, Reuters reported that ride-hailing firm Didi Chuxing is facing an anti-monopoly probe as it prepares for a New York IPO. Alibaba was hit with a $2.8 billion fine in April. JD delayed an IPO for fintech unit JD Technology in the wake of the Ant fiasco. Tencent and Meituan are both reportedly the target of antitrust investigations.
In May, TechNode launched a techlash tracker, aiming to take stock of the big tech crackdown by counting enforcement actions. So far, we’ve identified 29 such events, and we’re regularly adding to it.
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