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The Hang Seng Tech Index sank as much as 4.5%, extending its tumble from a February high to about 30%.
ByteDance is on a hiring spree as it gears up to dethrone e-commerce king, Alibaba, amid other expansion plans.
BEIJING (Bloomberg): Zhang Yiming built ByteDance Ltd into the world’s most valuable private company via a string of blockbuster apps like TikTok that challenged Facebook and other incumbents on their own turf. His latest target: Alibaba.
BEIJING (Reuters) -Shares of Chinese gaming giant Tencent-backed online insurance technology firm Waterdrop Inc tumbled 14.5% in their New York debut on Friday.
Chinese regulators imposed wide-ranging restrictions on the fast-growing financial divisions of 13 companies including Tencent Holdings Ltd and ByteDance Ltd, levelling many of the same curbs employed against Jack Ma’s Ant Group Co in a crackdown on the tech sector.
The People’s Republic is preparing to reinforce regulation of today’s Internet giants, which are particularly hungry for large quantities of data. The initiative may also provide Beijing with an opportunity to tighten its grip on Internet-related industries.
SHANGHAI (Reuters) - A number of China's top regulators published draft guidelines on Monday dictating how apps must protect the privacy and personal information of users.
China’s government has expanded its antitrust crackdown beyond Jack Ma’s technology empire, launching an investigation into suspected monopolistic practices by food-delivery behemoth Meituan.
As President Xi Jinping targets China’s massive tech giants, the big question now is how he’ll get them to share key data as part of a sweeping plan to transform the world’s second-biggest economy.
BEIJING (Reuters) -Jidu Auto, an electric vehicle venture between China's tech giant Baidu and Chinese automaker Geely, aims to plough 50 billion yuan ($7.7 billion) into producing smart cars over the next five years, its chief executive told Reuters.