Just last year, the world’s most valuable start-up, ByteDance, was being squeezed from all sides. For all the obstacles, the company kept growing. Now its founder, 38-year-old Zhang Yiming, is among the world’s richest people.
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Shares of ByteDance, the Chinese parent of hit video app TikTok, are trading at a valuation of more than $250-billion in the secondary market, according to people familiar with the matter.
China’s DiDi Chuxing Technology Co, which is backed by SoftBank Group and other investors, said on Monday it will start a ride-hailing service in Cape Town.
Pony Ma, founder of Naspers affiliate Tencent Holdings, China’s biggest social media and videogames company, met with antitrust watchdog officials this month to discuss compliance at his group, sources said.
China’s government has asked Alibaba Group to dispose of its media assets, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
China’s top leader has warned that Beijing will go after so-called “platform” companies, a sign that the months-long crackdown on the country’s Internet sector is only just beginning.
Pony Ma’s Tencent Holdings has been put on notice. Asia’s largest conglomerate was censured by China’s antitrust watchdog on Friday as Beijing expands a crackdown that began with Jack Ma’s online empire.
Sea Ltd is one of those companies you either know, or you’ve never heard of. And investors the world over will be kicking themselves for missing the massive run-up in its stock.
Tencent Holdings on Wednesday named 37 companies it had blacklisted from future contracts and said it has fired more than 100 staff over embezzlement and bribery incidents.
Alibaba and Ant co-founder Jack Ma has resurfaced after months out of public view, quashing intense speculation about the plight of the billionaire grappling with escalating scrutiny over his Internet empire.