5/16/2023 0 Comments Keep ximalaya linkdoc us![]() ![]() ![]() IPOs have also been suspended, including LinkDoc (a medical data group backed by Alibaba), Keep (a health app) and Ximalaya (a video blogger platform). Likewise, Tencent's earlier proposal to "streamline its stakes" to reach a merger with Huya and Douya, China's top two streaming sites for video games, was blocked by the SMAR, which cited the firm's failure to come up with sufficient remedies on relinquishing certain exclusive rights. ![]() Several Internet companies, including Didi Chuxing, Tencent and Alibaba, were fined by the State Administration of Market Regulation (SAMR), China’s chief antitrust regulator, for failing to report earlier merger and acquisition deals for approval. A flurry of escalated regulatory actions has since followed. What is obvious is, that this is not an isolated incident. The timing of Didi’s IPO and the government’s reaction - one day before and after Beijing’s grand celebration of the 100th anniversary of the Chinese Communist Party - has also invited inevitable speculation about its political inference. Since the Chinese government initiated its investigations and imposed sanctions against Didi Chuxing on July 2, two days after Didi Global’s initial public offering (IPO) on the New York Stock Exchange on June 30, there has been widespread external public consensus that the Chinese official actions implied stronger regulatory strangleholds on China’s Internet “big techs,” as well as deterrence against further foreign IPOs. Charles Mok analyses the aftermath of Didi’s IPO and what this means in the greater scheme of things. But it would be short-sighted to believe that this is only relevant for big tech companies such as Alibaba and, most recently, Didi. The Chinese government's reaction to Didi’s overseas IPO was not an isolated incident - it is looking to install tighter control over data and capital. ![]()
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