Chinese authorities are considering requiring Tencent to include WeChat Pay in a newly created financial holding company.
China’s tech stocks fell once again on Wednesday as firms backed by Tencent Holdings came under pressure after the firm pared investment in the sector for a second time in two weeks.
China’s leadership perceives the same set of problems as the West when it comes to Big Tech. But it’s willing to go a lot further to rein in the clout of its tech giants. Investors should be afraid.
President Xi Jinping’s government is reining in the country’s most powerful corporations and their billionaire founders, including Alibaba Group, Tencent Holdings and Didi Global. But why?