China crackdown cuts Big Tech down to size

Ant’s eventual IPO is expected to be severely trimmed down, but China’s moves are ‘unlikely (to) materially change the competitive landscape and potential growth’ in such a crucial sector, investment group CLSA said in a research report. — Bloomberg

SHANGHAI: Tighter regulations, billions in lost overseas share value and government pledges to get even tougher – Chinese tech giants are reeling under what looks like a sustained Big Brother assault on innovation and enterprise.

But there’s a reason why the escalating crackdown is largely drawing shrugs from Chinese consumers: it is widely seen as necessary.