China signals crackdown on business will go on for years

guest · Aug 17, 2021

China signals crackdown on business will go on for years
August 12, 2021
https://www.nbcnews.com/news/world/china-signals-crackdown-business-will-go-years-n1276620

China will draft new laws on national security, technology innovation, monopolies and education, as well as in areas involving foreigners, the national leadership said in a document published late on Wednesday.

The announcement signals that a crackdown on industry with regard to privacy, data management, antitrust, and other issues will persist on through the year.
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Beijing has in recent months reined in tech giants with anti-monopoly or data security rules as the state increases its control of the economy and society.

Regulations dealing with food and medicine, natural resources, industrial safety production, urban governance, transport, would also be strictly enforced, they said.
Authorities will aim to develop laws consistent with new sectors such as the digital economy, internet finance, artificial intelligence, big data, cloud computing, they said, adding that they would also improve the response to emergencies.
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guest · Aug 23, 2021

Chip giant's IPO hit by Beijing crackdown on business
August 22, 2021
https://www.bbc.co.uk/news/business-58301603

Chinese electric car maker BYD's plan to sell shares in its computer chip making unit has been suspended, the latest share offering to be hit by Beijing's crackdown on businesses.

The listing has been put on hold due to a regulatory investigation into the law firm advising the company.
The suspension comes amid a broader regulatory tightening on industry by Chinese authorities.
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The firm is China's biggest maker of microcontroller chips for vehicles.
BYD is the latest Chinese company to have its plans up-ended as Beijing tightens regulations on everything from technology giants to insurance providers.
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guest · Nov 3, 2021

Yahoo exits China citing increasingly challenging operating environment
November 3, 2021
https://www.neowin.net/news/yahoo-e...creasingly-challenging-operating-environment/

Citing an increasingly challenging business and legal environment, Yahoo is exiting from China. With Chinese authorities maintaining a firm grip over what goes on the internet domestically while requiring companies to censor content and keywords that are deemed politically sensitive or inappropriate.

In a statement to Reuters, the company announced its exit, saying that its services were no longer accessible from mainland China as of Monday:

“In recognition of the increasingly challenging business and legal environment in China, Yahoo’s suite of services will no longer be accessible from mainland China as of November 1"
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Yahoo is the second company that is exiting its business from China within a month. In October, Microsoft's LinkedIn also decided to pull the plug on its Chinese version of the platform citing the same reasons.

China also requires that companies must hand over data if requested by authorities which makes it difficult for western companies to operate since they might also face backlash at their own country giving in to Chinese demands.
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guest · Nov 3, 2021

Epic pulls plug on Fortnite in China
November 1, 2021
https://techcrunch.com/2021/11/01/epic-pulls-plug-on-fortnite-in-china/

Epic Games announced today that its work to bring video game mega-title Fortnite to the Chinese market is shutting down.

The company said in an official announcement that the long-running test of the popular shooter title in China will conclude on November 15. New users won’t be accepted starting today.
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Epic had built a China-specific version of Fortnite, a variation on the title that is well-known in the rest of the world. A gamer-powered wiki details a suite of differences, including gameplay and monetization changes, along with different character graphics to meet local laws. The same article notes that after a certain amount of playing time users could no longer earn in-game experience points.

The decision to halt Fortnite China could be viewed as a response to the country’s changing gaming market. With even more restrictions placed on gaming time, and lower monetization possibilities due to restrictions on microtransactions, the math simply has not penciled out.
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To see another American company pull its popular product from the Chinese digital realm in the wake of LinkedIn’s own decision the other month is notable. The two moves underscore how difficult it can be for non-Chinese companies to offer products inside of the nation, even if they have a local champion.
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The regulatory environment and lessening ability, or interest, to bring global films and games to China will further isolate the country from international culture.
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guest · Jul 21, 2022

China ride-hailing giant Didi fined $1.2bn after probe
China has fined ride-hailing giant Didi 8.026 billion yuan ($1.2bn; £990m) for breaking its cyber security laws.
July 21, 2022

On Thursday, the Cyberspace Administration of China (CAC) said that it had found "conclusive evidence" against the company.

The regulator announced that it had started an investigation into Didi just days after the firm launched its shares in the US last year.
The CAC also said it had imposed fines of one million yuan each on Didi Global's chairman and chief executive Cheng Wei and president Liu Qing.
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"We will take this as a warning and pay equal attention to both security and development," the company said in a post on Chinese social media platform Weibo.
Didi came under intense pressure following its US stock market debut in June last year.
Within days of the initial public offering Beijing announced a crackdown on technology companies listing overseas.

The company has become one of the most high profile targets of the Chinese government's tough approach to the country's technology industry.
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Authorities have been pursuing a wide-ranging crackdown on companies, from slapping e-commerce firm Alibaba with a record fine to ordering technology giant Tencent to suspend the roll out of new apps.

It ordered Didi to be removed from app stores last year and launched an investigation, citing data collection concerns, days after the firm moved forward with its New York listing, reportedly against authorities' wishes.
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guest · Jan 16, 2023

mood said: ↑

China ride-hailing giant Didi fined $1.2bn after probe
China has fined ride-hailing giant Didi 8.026 billion yuan ($1.2bn; £990m) for breaking its cyber security laws.
July 21, 2022
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Didi gets China approval to relaunch after 18-month security probe
By Rita Liao @ritacyliao - January 16, 2023

Eighteen months after its app was suspended in China, ride hailing giant Didi made a comeback on Monday. The move came as China showed signs of easing up its sweeping regulatory clampdown on the internet sector over the past three years.
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In July 2021, Chinese authorities ordered the country’s app stores to remove Didi, citing reasons that the platform was “illegally collecting user data.” Earlier that same month, Didi went public in New York. It was a short-lived celebration for the firm, which raised a hefty $4 billion from the first-time sale, as the event quickly turned out to be the root of its clash with Beijing.

It seems like Didi’s period of repentance and rectification is over, as the company posted on Weibo Monday afternoon:

“Our company has taken serious steps to cooperate with the country’s cybersecurity review, deal with the security issues found in the probe, and implement comprehensive rectifications.”
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With approval from the Cybersecurity Review Office, a relatively new organ designated to address data security concerns posed by internet firms, Didi was allowed to resume new user registration for Didi Chuxing, its main ride hailing platform, effective immediately.

Aside from a data revamp, Didi was also reportedly ordered to pay a $1 billion fine for breaching rules. It finished delisting from the U.S. in May last year and has been working to relist on the Hong Kong Stock Exchange, an increasingly preferable choice for Chinese tech firms that are navigating rising U.S.-China tensions.
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