China’s Regulatory Crackdown Begins to Sweep Up Foreign Firms

Employees walk past the logo for Alibaba Group during an Internet Technology Expo in Beijing, April 30, 2021 (AP photo by Ng Han Guan).
Employees walk past the logo for Alibaba Group during an Internet Technology Expo in Beijing, April 30, 2021 (AP photo by Ng Han Guan).
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Nearly a year since Chinese authorities brought the Ant Group’s initial public offering, or IPO, to a halt, the domestic tech industry is still reeling from a relentless crackdown that has since broadened to include other sectors of the economy. In its latest reshuffling, the Alibaba Group replaced its chief financial officer and reorganized its sales team. The decision is part of the tech giant’s continuing restructuring efforts to make the company “more agile” by devolving power to the leaders of each business line. Elsewhere, ride-hailing giant Didi announced its plan to back out of the New York Stock Exchange and aim for a […]

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