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Education technology firms are scrambling to restructure and adjust to new regulation for the industry in China, after the government launched a sweeping crackdown.
Tencent Holdings Ltd said it was suspending new user registrations for its WeChat services, adding to uncertainty for the technology sector that’s in the midst of a two-day selloff.
China moves to protect food delivery drivers from digital exploitation, knocking stocks such as services giant Meituan
The policy guidelines come as China ramps up a campaign to rein in Big Tech, forcing the sector to put greater emphasis on consumer and worker rights. The guidelines are designed to protect basic labour rights for riders, including a base income, work safety, food safety, a decent working environment.
China’s tech giants go on hiring spree for fresh graduates despite Beijing’s crackdown on the sector
Alibaba, ByteDance, JD.com and Meituan are hiring thousands of new graduates as competition for new talent heats up. Amid a historic crackdown on China’s tech sector, companies are also working to eliminate 996 work culture and answer Beijing’s call to boost employment.
The six-month campaign will address the ‘tough problems’ of China’s Internet industry, said the Ministry of Industry and Information Technology (MIIT). Data security and infringement of user rights among problems the MIIT pledges to address.
Forbes China names Alibaba founder Jack Ma country’s most generous entrepreneur in 2020, as tech giants top charity list
Jack Ma donated nearly US$500mil in 2020, a year that ended with his companies Alibaba and Ant Group facing mounting regulatory pressure from Beijing. Tencent founder Pony Ma and ByteDance founder Zhang Yiming also made the top five, with China’s tech industry becoming the most charitable for the year.
The rush of donations comes as China’s tech companies are under scrutiny for putting profit ahead of social responsibility. Video clips of muddy water washing away cars and people on the streets of Zhengzhou, a city of 10 million, went viral on Chinese social media on Wednesday.
Beijing’s decision to block Tencent’s Douyu-Huya merger deal marks end of freewheeling Internet era in China
Decision to reject the Douyu-Huya merger, which would have created a video game streaming behemoth worth more than US$10bil, sets a precedent. Analysts say blocked merger may force Tencent to sell off its stake in one of the two streaming companies, given ongoing antitrust regulation risks.
As China continues to crack down on big tech in the country, the tycoons behind these firms have increased charitable contributions too.
China expanded a cybersecurity probe beyond Didi Global Inc to include two other recent US debutantes, moving with surprising swiftness to tighten its control over Internet data in the interests of national security.